Kissht's IPO: Riding the Wave of Digital Lending

OnEMI Technology Solutions' IPO for its digital lending platform Kissht was 24% subscribed on its opening day, receiving major interest from Qualified Institutional Buyers. The Rs 926-crore issue, which includes a fresh issue and offer-for-sale, aims to strengthen the firm's subsidiary capital base.

OnEMI Technology Solutions Ltd's initial public offering (IPO) for its digital lending platform, Kissht, marked a 24% subscription on its inaugural day, as reported by the NSE. The IPO attracted bids for 94,33,584 shares against the 3,97,62,250 shares on offer. Significantly, Qualified Institutional Buyers showed a 66% subscription rate.

The Rs 926-crore issue encompasses a fresh issue of equity shares aggregating Rs 850 crore and an offer for sale of 44,39,788 equity shares worth Rs 76 crore at the upper range. Set to close by May 5, the IPO price band is pegged between Rs 162 and Rs 171 per share, bringing the company's valuation to nearly Rs 2,900 crore at the upper band.

With promoters such as Ammar Sdn Bhd Investor and various Vertex Ventures entities selling stakes, proceeds from the fresh issue are intended to bolster the capital of OnEMI's subsidiary, Si Creva. Founded in 2016, Kissht targets young consumers within the mass market segment, and its shares aim for listing on the BSE and NSE.