While the Indian equity markets are buzzing with the upcoming IPO of OnEMI Technology Solutions (the parent company of fintech platforms Kissht and Ring), a striking detail has emerged from the Red Herring Prospectus (RHP).
OnEMI Technology’s brand ambassador and veteran cricketer, Sachin Tendulkar, is currently under the notional loss on his equity holdings, as the IPO price band is set well below his acquisition cost.
Kissht IPO: Deal Dynamics with Sachin Tendulkar
According to the RHP, the company entered into a “Services Agreement” with Tendulkar in December 2024. The three-year contract is a hybrid deal involving both cash and equity:
- Cash Component: INR 6.00 Crore (fixed consideration for brand services and image rights).
- Equity Component: 53,778 Series Z4 CCPS (allotted in three tranches throughout 2025).
Following a stock split in July 2025, these preference shares were converted into 5,37,780 equity shares on 25 February 2026.
The most fascinating data point for investors is the acquisition price. While early-stage venture capital funds and institutional investors secured shares at significantly lower valuations, Tendulkar’s equity was valued at a premium.
| Shareholder Name | Avg. Acquisition Price per share (INR) | Status vs. IPO Upper Band (INR 171) |
| Sachin Ramesh Tendulkar | 223.20 | 23.4% Notional Loss |
| Alteria Capital Fund | 201.79 | 15.2% Notional Loss |
| Vertex Growth Fund | 141.52 | 20.8% Notional Profit |
| Sistema Asia Fund | 69.97 | 144.3% Notional Profit |
| VenturEast Proactive Fund | 16.00 | 968.7% Notional Profit |
As per the table above, Tendulkar holds the distinction of having the highest acquisition cost among all later shareholders. In stark contrast, early investors like VenturEast are looking at nearly 10x returns on their INR 16 entry price.
The IPO price band has been fixed at INR 162 – 171 per share. At the upper price band:
- Total Investment Value (at Allotment): ~INR 12 Crore
- Current Value (at IPO Upper Band): ~INR 9.19 Crore
- Total Notional Loss: INR 2.81 Crore
For every share Tendulkar holds, he is “down” by approximately INR 52.20 compared to the price at which the shares were originally valued in his endorsement contract.
It is common for celebrity endorsement deals to be pegged to the latest private valuation at the time of signing. However, market dynamics and IPO pricing often undergo a “reality check” by merchant bankers to ensure a successful subscription. In Kissht’s case, the IPO pricing suggests a more conservative valuation than what was anticipated during the mid-2025 funding environment.
Notably, the company has reduced the fresh issue size by INR 150 crore, and the OFS size is also reduced by half, to 44,39,787 shares.
Final Words
The Kissht (OnEMI Technology) IPO opens for subscription on 30 April 2026 and closes on 5 May 2026. While the “Master Blaster” might be seeing red on his equity portion for now, his total deal (including the INR 6 crore cash component) remains a substantial endorsement. As Sachin Tendulkar faces loss in OnEMI Technologies IPO, this serves as a reminder that even the most high-profile “anchor” investors or brand partners aren’t immune to the pricing pressures of the public market.
Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.
