Whalesbook
IPO Details Aur Listing Ka Game
OnEMI Technology, jiska digital lending platform Kissht hai, uska IPO aaj, April 30, 2026 se live hai. Ismein company ₹925.92 crore tak raise karna chahti hai, jismein ₹850 crore naye shares se aur ₹75.92 crore offer for sale se aa rahe hain. Share ka price band ₹162 se ₹171 rakha gaya hai. Grey market mein iska GMP filhal 2.63% ke aas paas hai, matlab listing ₹175.50 ke level par ho sakti hai. IPO apply karne ki last date May 5 hai, aur listing May 8 ko BSE aur NSE dono par hogi. IPO se milne wala paisa Si Creva ki NBFC business ko aur loans dene ke liye use hoga.
Growth Story Aur Analysts Kya Kehte Hain?
OnEMI ka focus India ke badhte digital lending market ko pakadna hai. Unka kehna hai ki unke paas 63 million registered aur 11 million active users hain. December 31, 2025 tak unka AUM (Assets Under Management) ₹5,955.75 crore ho gaya tha. Anand Rathi jaise analysts ne isko 'Subscribe-Long Term' ki rating di hai, aur company ko FY25 ke P/B ratio ke 1.4 times par value kiya hai, jisse market cap ₹2,881 crore nikalta hai. Yeh valuation fair lagta hai, lekin Bajaj Finance (jo 32.20x P/E par hai) ya SBI Cards (jo 28.45x P/E par hai) jaise established players ke comparison mein kaam hai.
Company ki revenue FY25 mein ghat kar ₹1,352 crore ho gayi thi (FY24 mein ₹1,700 crore thi), lekin net profit ₹160.6 crore par pahunch gaya aur margins bhi sudhre hain. CEO Ranvir Singh ko confidence hai ki IPO demand achi rahegi.
Risk Factors: Sabse Bada Panga
Sabse badi chinta OnEMI ke business model mein hai uska 94% unsecured loan book. Matlab, zyadatar loans bina kisi security ke diye gaye hain, jisse default ka risk zyada rehta hai, especially jab economy slow ho ya rules tight ho jayein. March 2025 tak unka GNPA (Gross Non-Performing Assets) 2.9% tha, lekin provisioning achi hone ke bawajood, unsecured loans ka risk toh hai hi.
India mein digital lenders ke liye RBI ke rules bhi badal rahe hain. 2025 mein aaye Master Directions on Digital Lending se transparency aur borrower protection badhegi, par isse compliance cost badh sakti hai aur kuch business models ko limit bhi mil sakti hai. Company par kuch pending legal cases bhi hain jo risk badhate hain.
Aage Ka Outlook
OnEMI Technology digital lending ke growth se fayda utha sakti hai, unka user base aur tech platform achha hai. Lekin asli challenge unsecured loans ke risk ko manage karna, badalte regulations ke saath adapt hona aur competition mein tikna hoga. Analysts ko growth potential dikhta hai, par woh asset quality aur execution par nazar rakhenge.