onEMI Tech IPO Sees Full Subscription on Final Day, Highlighting Strong Investor Demand.

The mainboard IPO of OnEMI Technology Solutions Limited, known by its lending brand Kissht, successfully closed its subscription on 5 May 2026, achieving full subscription on the final day of bidding. The Rs 926 crore public offer, which had a price band fixed at Rs 162 to Rs 171 per share, opened on 30 April 2026. Data reveals that the issue garnered an overall subscription of 1x as of 12:40 PM on the closing day, with the allocation expected to be finalized on 6 May 2026. Shares are anticipated to be listed on both BSE and NSE on 8 May 2026, providing opportunities for investors looking to participate post-listing.

Analyzing the subscription trends reveals a significant push from Qualified Institutional Buyers (QIBs), which were oversubscribed 2.22 times, contributing around Rs 429.67 crore in bids. Conversely, the retail investor segment has lagged, subscribing at only 0.25 times, which suggests a higher likelihood of full allotment for retail applicants. The trend throughout the bidding period saw slow initial demand, with subscription rising steadily by the final day, indicating that interest in this IPO may have finally built up among larger institutional investors.

The Grey Market Premium (GMP) for this IPO currently stands around Rs 2, suggesting modest anticipated listing gains at around 2.3% above the issue price based on the expected listing price. Analysts have largely recommended applying for the IPO, citing reasonable valuations and robust growth metrics, yet caution investors about inherent risks, especially the high proportion of unsecured loans. In summary, while the IPO achieved its subscription mark primarily due to QIB participation and presents attractive long-term prospects, the subdued retail interest and lukewarm GMP suggest cautious engagement from investors ahead of the listing.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)