OnEMI Tech IPO Subscribed 24 Pc on Day 1

The initial public offer of OnEMI Technology Solutions Ltd, which operates digital lending platform Kissht, received 24% subscription on the first day of bidding on Thursday.

The IPO received bids for 94,33,584 shares against 3,97,62,250 shares on offer, as per NSE data.

The category for Qualified Institutional Buyers (QIBs) subscribed 66%. The portion meant for non-institutional investors received 10% subscription, and the quota for Retail Individual Investors (RIIs) attracted 6% bidding.

OnEMI Technology Solutions Ltd on Wednesday said it has mobilised ₹278 crore from anchor investors.

The ₹926-crore issue will close on May 5. The price band has been fixed at ₹162-171 per share, valuing the company at nearly ₹2,900 crore at the upper band.

The IPO has 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 ₹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.

Proceeds from the fresh issue will be used to augment the capital base of its subsidiary Si Creva to meet future funding requirements, along with general corporate purposes.

Founded in 2016, Kissht provides digital credit solutions focused on young consumers in the mass market segment.

The shares of the firm are proposed to be listed on the BSE and NSE.

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.