The stock opened at Rs 191, an 11% premium to the IPO price of Rs 171. At the day’s high, it was trading 24% above the issue price.
The Rs 926 crore IPO, which opened for subscription between April 30 and May 5, received a healthy response across investor categories and was subscribed 9.96 times overall on the final day.
The strongest demand came from institutional investors, with the QIB portion, excluding anchors, subscribed 25.97 times, while the non-institutional investor category was subscribed 6.91 times. The retail portion was subscribed 2.13 times. The issue received over 1.53 lakh applications.
Founded in 2016, OnEMI Technology operates digital lending and payments platforms under the Kissht and Ring brands. The company offers personal loans, MSME loans, loans against property and merchant EMI financing.
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What should investors do with OnEMI Tech shares?
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said the stock could remain volatile after the sharp listing gains and advised investors to maintain a stop loss at Rs 178 to manage downside risk.
Geojit Financial Services said OnEMI Technology Solutions has built a large customer base through a diversified multi-channel acquisition strategy, which has helped the company expand its reach across segments.The brokerage highlighted that the company continues to focus on maintaining asset quality through advanced and comprehensive risk management practices. It also noted that OnEMI has access to diversified and scalable funding sources, providing financial flexibility to support future growth. The brokerage, which gave a ‘Subscribe’ rating, further said the company’s scalable, cloud-native and AI-driven technology platform is integrated across key functions, strengthening operational efficiency and customer experience.
SBI Securities said that the company’s GNPA and NNPA stood at 2.9% and 0.4%, respectively, as of December 2025, indicating a high-quality customer base and relatively low default risk. The brokerage noted that the company has delivered strong financial growth over FY23-FY25, with NII, PPOP and PAT clocking CAGR growth of 15.8%, 29.6% and 140.9%, respectively. It also highlighted that the company reported NIMs of 18.6% in FY23, 16.8% in FY24 and 23.8% in FY25.
Anand Rathi said OnEMI Technology Solutions is valued at 1.4x FY25 price-to-book at the upper price band, implying a post-issue market capitalisation of Rs 2,881 crore. The brokerage noted that nearly 94% of the company’s loan book is unsecured, reflecting a relatively higher-risk lending profile.
However, it added that the company has successfully scaled its digital loan distribution model in line with evolving consumer lifestyles and remains well-positioned to benefit from future growth opportunities. Anand Rathi highlighted that the company has built a user base of 5.3 crore customers, supported by a proven technology platform and significant growth potential in India’s underpenetrated credit market.
The brokerage recommended a Subscribe for Long Term rating on the issue.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)