Kissht's IPO Gains Momentum with 60% Subscription

OnEMI Technology Solutions Ltd's IPO for its digital lending platform Kissht has reached 60% subscription by the second day. The Rs 926-crore issue aims to boost the subsidiary Si Creva's capital base. The IPO includes a fresh issue and offer for sale, with significant interest from institutional investors.

The initial public offering of OnEMI Technology Solutions Ltd, known for operating the digital lending platform Kissht, saw a promising start with 60% subscription on the second day of bidding this Monday.

According to data from the NSE, the IPO generated bids for 2,38,94,028 shares against the total 3,97,62,250 shares available. The segment for Qualified Institutional Buyers (QIBs) was particularly strong, with a 1.45 times subscription rate, while non-institutional investors showed 50% interest and retail investors contributed 16% to the subscription levels.

OnEMI revealed it has secured Rs 278 crore from anchor investors ahead of the Rs 926-crore issue's closure on May 5. Shares will be offered in a price band of Rs 162-171, valuing the company at nearly Rs 2,900 crore at the higher end. The IPO features a fresh issue of equity shares aggregating up to Rs 850 crore and includes an offer for sale of existing shares valued at Rs 76 crore. Funds from the new issue are earmarked for the expansion of its subsidiary, Si Creva, and other corporate objectives. The shares are planned for listing on both BSE and NSE, with JM Financial and others as lead managers.