OnEMI Technology Solutions (Kissht) IPO Review: An 11% Listing, Then a Rally to Rs 310 on Genuine AUM Growth

Quick Answer

OnEMI Technology Solutions, the parent company behind the Kissht digital lending app, listed on 8 May 2026 at Rs 190, a solid 11.1% premium to its Rs 171 issue price. Unlike several other recent listings where the post-listing rally came with little explanation, this one has a clear, traceable driver: the company's loan book grew roughly 34% in a single quarter, from Rs 5,955.75 crore in AUM as of December 2025 to Rs 8,001 crore by the end of June 2026, and the stock has climbed accordingly, trading around Rs 310 today after touching a 52-week high of Rs 333.80. This is a business that deliberately slowed revenue growth in FY25 to clean up its loan book quality, and the market has rewarded the payoff from that strategy as growth reaccelerated through FY26.

Key Details at a Glance

What Does OnEMI Technology Solutions Ltd Do?

Picture someone buying a phone on EMI at a local electronics shop, or applying for a quick personal loan directly from their phone without ever visiting a bank branch. That's the world Kissht, OnEMI's flagship platform, operates in, digital lending built for customers who are underserved by or new to traditional credit systems. You can track its live price alongside other IPO GMP data on the IPO GMP Live homepage.

Founded in 2016 and headquartered in Mumbai, the company runs two consumer-facing brands, Kissht for digital loans (personal loans, loan against property, and MSME loans) and Ring, a payments app. The actual lending happens through its wholly owned, RBI-regulated subsidiary, Si Creva Capital Services, which handles everything from KYC to collections, while the company also partners with other lenders to originate additional loan volume off its own balance sheet. It's a technology-first business, leaning on data analytics and alternative credit scoring to reach customers that conventional lenders often can't serve profitably.

How Strong Are the Financials, and What's Driving the Rally?

This is a genuinely useful story about a deliberate strategic trade-off paying off. FY25 revenue actually fell to Rs 1,353 crore from FY24's Rs 1,700 crore, and profit dipped too, from Rs 197.29 crore to Rs 160.62 crore. That might look concerning in isolation, but it reflects a conscious pivot the company made toward longer-tenor, lower-rate, higher-quality borrowers, trading some near-term revenue growth for a cleaner loan book and better long-term credit costs, exactly the kind of strategic shift Arihant Capital's pre-IPO "Subscribe" rating specifically called out as a positive, not a red flag.

The payoff shows up clearly in the more recent numbers. The nine months to December 2025 already delivered Rs 1,584 crore in revenue and Rs 199.27 crore in profit, both ahead of the entire FY25 year. And the growth has kept accelerating since listing, the company's own Q1 FY27 business update, released 4 July, showed AUM jumping from Rs 5,955.75 crore in December to Rs 8,001 crore by the end of June, roughly 34% growth in a single quarter, alongside registered users climbing from 63.73 million to 74.60 million over a similar window. Asset quality has stayed healthy through that growth too, with gross NPAs at just 2.9% and net NPAs at 0.38% as of the RHP. That combination, real, fast, recent growth alongside asset quality that isn't deteriorating, is the most credible explanation for why the stock has climbed from its Rs 190 listing to around Rs 310 today.

Should You Buy OnEMI Technology Solutions (Kissht) at Current Levels?

Conservative investors: The healthy NPA ratios and the deliberate, disclosed strategic shift toward better-quality borrowers are both genuine positives that reduce some of the usual risk associated with consumer lending fintechs. That said, the stock has already run up significantly from its issue price, and lending businesses carry inherent credit cycle risk that can turn quickly if macro conditions shift, worth weighing before chasing the current price.

Moderate investors: The AUM acceleration into Q1 FY27 is a genuinely strong, verifiable signal, and Arihant's operating leverage thesis, that the heavy infrastructure investment is largely done and incremental growth should now flow through more efficiently to profit, is a reasonable framework for judging future quarters against. Watching whether profit growth keeps pace with the AUM growth in the next couple of reported quarters would be the clearest confirmation.

Aggressive investors: A fintech lender growing AUM at this pace with stable asset quality, backed by a large anchor investor book and strong QIB demand at IPO, is exactly the kind of story aggressive investors look for, though it's worth remembering that consumer lending businesses can see credit quality deteriorate quickly in a downturn, and today's healthy NPA numbers reflect current, not necessarily future, conditions.

Honest take. OnEMI Technology Solutions stands out among the IPOs reviewed here for having a rally that's genuinely backed by verifiable, recent operating data rather than sentiment or an unexplained speculative move. The FY25 revenue dip was a real, disclosed strategic choice rather than a warning sign, and the subsequent AUM acceleration and stable asset quality both support the market's enthusiasm since listing. My honest read is this is one of the more fundamentally grounded post-listing rallies in this batch, though the valuation has moved up a lot already, and the next couple of quarters of profit growth relative to AUM growth will tell you whether the operating leverage thesis is actually playing out as the brokerage expected.

Where Did the IPO Money Go?

The overwhelming majority of the fresh issue, Rs 637.50 crore of the Rs 850 crore raised, went toward augmenting the capital base of Si Creva Capital Services, the company's RBI-regulated lending subsidiary, essentially fuel for making more loans while staying within regulatory capital requirements. This was done through Si Creva issuing new shares to the parent company at a significant premium, a mechanic the board formally approved on 16 May, shortly after listing. The remainder covered general corporate purposes and issue expenses. For a lending business, funnelling most of the raise directly into lending capital is about as directly growth-aligned a use of proceeds as you'll find, more capital genuinely does translate into more loans originated, within the AUM growth already being seen in the company's own Q1 FY27 update.

Contact Details

Company: OnEMI Technology Solutions Ltd.

Location: Kurla West, Mumbai, Maharashtra

Business: Technology-enabled digital lending under the Kissht (personal loans, loan against property, MSME loans) and Ring (payments) brands, operated through RBI-regulated subsidiary Si Creva Capital Services

Registrar: KFin Technologies Ltd.

Lead Managers: JM Financial Ltd., HSBC Securities & Capital Markets (India) Pvt. Ltd., Nuvama Wealth Management Ltd., SBI Capital Markets Ltd., Centrum Capital Ltd.

Listing: BSE and NSE, Mainboard

This page is not investment advice. GMP is indicative only and unofficial, and has limited relevance now that the stock is already listed and trading. Please consult a SEBI registered financial advisor before investing.