Kissht IPO Math May Turn Unfavourable for Investor Sachin Tendulkar; Here's Why

OnEMI Technology Solutions Ltd, which operated digital lending platform Kissht, is set to launch its initial public offering (IPO) on April 30. The fintech player is backed by investors like Sachin Ramesh Tendulkar and Temasek. However, based on the issue price and his cost of acquisition, the cricket legend may be staring at notional losses on his investment. 

This was first reported by Business Today. The RHP, as quoted by the report, highlights that Tendulkar invested in OmEMI Technology Solutions in 2025, acquiring 53,778 Series Z4 CCPS at ₹2,232 apiece through a private placement. The investment was split across three equal tranches in February and June that year.

Post a stock split, his holding stood at 5,37,780 equity shares as of February 26, 2026, translating into an effective cost of ₹223.2 per share. But the company has kept a price band of ₹162-171 per share for its ₹926-crore IPO that will open for subscription on April 30. 

This shows that the market is valuing those shares lower than what he paid. While his stake is currently valued at roughly ₹2 crore, it falls to about ₹9.2 crore at the IPO’s upper price band, which indicated a notional erosion of close to ₹2.8 crore. 

OnEMI Technology Solutions told Business Today that Tendulkar holds a 0.42% stake in the company. The firm added that his investment underscores his association with the brand, where he also serves as a brand ambassador, supporting its focus on building a trusted, consumer-centric platform.

Among all shareholders listed in the RHP, Tendulkar has the highest acquisition cost. In contrast, selling shareholders stand to make gains of up to 11 times their investment, while promoters could see returns of as much as 162 times, the report added. 

Kissht IPO

The three-day issue will close on May 5, while anchor investor bidding is scheduled for April 29, the company announced. The shares are proposed to be listed on the BSE and NSE, with listing expected on May 8. At the upper end of the price band, the company is valued at nearly ₹2,900 crore.

The IPO comprises a fresh issue of equity shares aggregating to ₹850 crore and an offer-for-sale (OFS) of 44,39,788 equity shares worth ₹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.

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.

About 50% of the issue is reserved for qualified institutional buyers (QIBs), 35% for retail investors and the remaining 15% for non-institutional investors (NIIs).

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.