Kissht IPO Gets Off to Weak Start, Retail Interest Remains Tepid

The initial public offering (IPO) of OnEMI Technology Solutions, the parent entity of Mumbai-based consumer lending company Kissht, saw a weak response on day 1 of its public subscription, with most of the interest coming from institutional investors. The issue opened for subscription on April 30, and will remain open until Tuesday, May 5. 

As of 3:20 pm on the first day, the IPO was subscribed about 20%, with bids received for 81,22,755 equity shares against the total offer size of 3,97,62,250 shares. The issue will be open for bidding for three trading sessions.

Institutional investors led the demand, with the qualified institutional buyers (QIB) portion subscribing 58%. In contrast, participation from retail investors remained subdued at just 5%, while the non-institutional investor (NII) segment saw a modest subscription of 7%.

Before the issue opened, promoters pumped in nearly ₹40 crore, according to PTI. Founders Ranvir Singh and Krishnan Vishwanathan bought shares at ₹201 apiece, a premium to the ₹162-171 IPO band, underscoring their confidence.

Kissht IPO Details

The IPO comprises a fresh issue of equity shares aggregating to Rs 850 crore and an offer-for-sale (OFS) of 44,39,788 equity shares worth Rs 76 crore at the upper end by existing shareholders. This takes the total issue size to Rs 926 crore.

The selling shareholders include Ammar Sdn Bhd Investor, Vertex Ventures SEA Fund III Pte. Ltd., Vertex Growth Fund Pte. Ltd., Vertex Growth Fund II Pte. Ltd., Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, VenturEast Proactive Fund LLC, AION Advisory Services LLP, Ventureast Proactive Fund, and VenturEast SEDCO Proactive Fund LLC.

Founded in 2016, Kissht provides digital credit solutions focused on young consumers in the mass market segment. As of March 31, 2025, the platform had 53.23 million registered users and had served 9.16 million customers.

The lot size has been fixed at 87 equity shares, with a minimum investment of ₹14,877 for retail investors at the upper price band.

The shares are proposed to be listed on the BSE and NSE, with listing expected on May 8.

JM Financial, HSBC Securities and Capital Markets, Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking are the book-running lead managers to the issue, while KFin Technologies Ltd is the registrar.

Kissht FY25 Financials

The company reported 18% declined in net profit to ₹160 crore in the financial year 2025. Its overall revenue stood at ₹1,353 crore, marking a 20% year-on-year drop.

The company attributed the slowdown to a broader slump in the consumer lending business and the shutdown of high-margin, ultra short-duration personal loans. It is pertinent mention that these loans were once a key product for digital lenders like Kissht.

Founded in 2016, Kissht provides digital credit solutions focused on young consumers in the mass market segment. As of March 31, 2025, the platform had 53.23 million registered users and had served 9.16 million customers.

(With inputs from PTI)