Whalesbook
Toh bhaiyo aur behno, OnEMI Technology Solutions ka IPO aa raha hai, jo April 30, 2026 ko launch hone wala hai. Digital lending market mein waise toh bahut opportunities hain, aur company ne apni Assets Under Management (AUM) ko ekdum toofani speed se, matlab 80% ke compound annual rate se badhaya hai FY23 se FY25 ke beech. Aur haan, FY26 ke pehle 9 mahine mein Return on Assets (RoA) bhi mast 8.5% raha hai.
Par asli picture yeh hai ki yeh saara expansion mostly unsecured loans par chal raha hai, jismein December 2025 tak lagbhag 94% unsecured loans the. Iska matlab credit risk aur default hone ke chances zyada hain.
Ab baat karein valuation ki, toh IPO ka price 1.4 times FY26 ke estimated book value ke aas-paas hai. Lagta hai market inki high performance expect kar raha hai, but yeh valuation shayad business ke economic slumps ya tough regulations ke liye kitna sensitive hai, usko poora capture nahi karta.
Digital lending sector mein competition toh bhari hai, jaise Fibe, KreditBee, aur Moneyview bhi prepare kar rahe hain IPO ke liye. Bade players jaise Bajaj Finance ka P/E ratio lagbhag 32.20x hai aur SBI Cards ka 28.45x. Muthoot Microfin, jo unsecured lending mein hai, woh bhi zyada conservatively trade karta hai, lagbhag 1.1 times book value par. OnEMI ka valuation shayad kuch purane fintech IPOs ke hisaab se theek hai, par risk profile ko dekhte hue kam discount mil raha hai.
Aur ek bada risk hai - company par ₹1,793 crore ki contingent liabilities hain, jo unke net worth ₹1,250 crore se zyada hai. Ye financial vulnerability badha sakta hai.
RBI bhi digital lending sector ko zyada tight kar raha hai. Early 2026 se naye rules aa rahe hain jismein transparency, borrower protection, aur fund flows par focus hoga. Isse compliance cost badhegi aur growth speed bhi slow ho sakti hai.
Indian tech IPO market mein ab sirf growth nahi, balki company kitni profitable hai aur kitni stable hai, yeh zyada dekha ja raha hai.
Toh OnEMI ka IPO growth ka story toh dikhata hai, par sustainable profits, badalte regulations, aur competition mein kaise tikenge, yeh dekhna hoga. Current IPO price mein zyada room for error nahi hai, especially unsecured loans aur regulatory changes ke risks ko dekhte hue.