Mumbai, May 5: The initial public offering of OnEMI Technology Solutions Limited (Kissht) has witnessed an exceptional surge in demand, with the issue subscribed 10 times as of Day 3, marking one of the most strongly subscribed offerings in the recent fintech space.
Institutional demand has been nothing short of overwhelming. The Qualified Institutional Buyer (QIB) segment has been oversubscribed 25.97 times, reflecting deep conviction from marquee investors and reinforcing the strength of the company’s business model and growth trajectory.
The non-institutional investor (NII) category has also delivered a strong showing, subscribed 6.67 times, with the bNII segment at 8.58 times, indicating significant participation from large investors.
In a standout development, retail participation has surged to 1.36 times, signaling a sharp late-stage acceleration and broad-based interest from individual investors. Market participants note that such strong retail momentum, alongside extremely high institutional oversubscription, is relatively rare and underscores the depth of demand across investor segments.
The scale of the response is evident in the numbers, with bids received for over 36.1 crore shares against an offer size of approximately 3.79 crore shares, highlighting the magnitude of investor interest.
The strong response builds on a high-quality anchor book and continued participation from domestic mutual funds and global institutional investors. Institutional demand, particularly from mutual funds, has been a defining feature of the issue, driving momentum from the outset and sustaining it through the subscription period.
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 ₹12,679 million in FY23 to ₹59,557 million as of 9MFY26, alongside a customer base exceeding 11 million.
The IPO, priced in the band of ₹162 to ₹171 per share, has seen strong participation across investor categories, with demand accelerating sharply into the final phase.
With the issue now subscribed over 9.5 times, a near 26x QIB book and strong retail participation, the Kissht IPO stands out as one of the most aggressively subscribed offerings in the current market cycle.
