The initial public offering of OnEMI Technology Solutions Limited (Kissht) has witnessed explosive demand, with bids exceeding INR 6,000 crore against an issue size of INR 925 crore, as the IPO was subscribed 9.53 times by Day 3, nearing the 10x mark.
Institutional participation has been exceptionally strong, with the Qualified Institutional Buyer (QIB) portion oversubscribed 25.97 times, emerging as the key driver of the issue. The scale of demand reflects deep institutional conviction, with participation from domestic mutual funds and global investors.
The non-institutional investor (NII) category has also delivered robust traction, subscribed 6.67 times, with the bNII segment at 8.58 times, indicating strong interest from large investors.
In a notable development, retail participation has surged to 1.36 times, marking a sharp late-stage build-up in demand and signaling broad-based interest across investor segments. Market observers note that such strong retail participation alongside heavy institutional oversubscription is relatively uncommon in recent offerings.
The intensity of demand is evident in the numbers, with bids received for over 36 crore shares against an offer size of approximately 3.79 crore shares.
The strong response builds on a high-quality anchor book and sustained participation from leading domestic mutual funds and global institutional investors. Institutional demand has provided early momentum, which has now translated into widespread participation across categories.
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Leading brokerage houses have highlighted the company’s scalable digital lending platform, expanding customer base and improving profitability metrics as key factors supporting their outlook. Kissht has demonstrated strong operational growth, with assets under management increasing from INR 12,679 million in FY23 to INR 59,557 million as of 9MFY26, alongside a customer base exceeding 11 million.
The IPO, priced in the band of INR 162 to INR 171 per share, has seen strong traction across all investor segments.
Read Also: Check Live Subscription of All IPOsWith demand exceeding INR 6,000 crore, a near 26x QIB book and full subscription across categories, the Kissht IPO stands out as one of the most strongly subscribed offerings in the current market environment.
Krishna comes from a family of investors and financial analysts, She learnt wading through regulatory filings pretty early in her career. She has several years of experience in financial and industry analysis under her belt. At IPO Central, Krishna plays twin roles of Contributor and Head of research desk.
