OnEMI'Technology'Solutions'(Kissht)'incorporated'in'2016'is a'technology-enabled'lender'in'India,'primarily'offering'digital'loans'through its'mobile'application'for'various'consumption'and'business'needs.'With'a tech-first,'fully'digital'approach,'it'offers'personal'loans'and'loans'against property'(LAP)'with'instant'approvals'and'minimal'paperwork.'The'company maintains'a'highly'granular'loan'book'with'over'2.87'million'active'customers and'Rs'5955.75'crore'in'assets'under'management'(AUM)'at'end'December'2025. The'company'provides'swift,'accessible'and'personalized credit'solutions'with'focus'on'young'individuals'within'the'mass'market'segment which'is'aspirational,'digitally'connected'and'underpenetrated'in'credit.'The company'had'63.73'million'registered'users'and'served'11.17'million'customers at'end'December'2025.'The'customers'had'an'average'age'of'32'years'and'a'median CIBIL'score'of'746'for'9MFY26.'About'67.65%'of'customers'earned'monthly'incomes ranging'between'Rs'25,000'to'Rs'75,000,'and'63.38%'of'customers'resided'in'the top'50'cities'in'India.' The'company'uses'various'online'and'offline'channels'to acquire'customers,'including'through'digital'marketing'on'search'engines'and social'media'platforms,'partnerships'with'small'businesses'(shop'owners'and retail'outlets),'and'collaborations'with'e-commerce'players'and'loan aggregators.'The'company'also'acquires'customers'organically'through'word'of mouth.'Each'channel'significantly'contributes'to'the'growth'of'customer'base, thereby'creating'a'resilient'and'scalable'customer'acquisition'model.'The'digital marketing'accounted'for'45.51%'of'new'customer'acquisition,'merchant partnerships'23.28%,'e-commerce'7.51%'and'organic'acquisition'23.70%'in 9MFY2026.' The'company'has'appointed'the'former'Indian'cricketer, Sachin'Tendulkar,'as'brand'ambassador'to'build'consumer'trust'and'improve'brand recall.' Risk'management'is'foundational'to'business'model.'The company'utilizes'advanced'data'analytics,'artificial'intelligence'(AI)'and machine'learning'(ML)-led'statistical'models'for'risk'management'across processes'from'making'credit'decisions'to'collections.'The'multi-layered underwriting'approach'enables'making'well-calibrated'lending'decisions'across diverse'customer'profiles.'The'processes'are'designed'for'speed'and'efficiency, allowing'applicants'to'receive'decisions'instantly'after'submitting'their'information. At'end'December'2025,'more'than'85%'of'new'customers'were'presented'with'loan offers'within'10'minutes'of'initiating'their'application,'and'90%'of'repeat customers'received'offers'within'six'minutes. The'collections'infrastructure'is'built'on'the'back'of proprietary'Automated'Collections'System'(ACS),'along'with'a'team'of tele-callers'and'on-ground'fleet-on-street.'At'end'December'2025,'collections team'comprises'1,074'tele-callers,'8,291'field'agents'and'260'supervision'staff covering'over'17,000'pin'codes'across'India.'The'company'actively'manage portfolio'through'early'warning'triggers'that'automatically'curb'approvals'when pre-defined'risk'thresholds'are'breached.' The'company'operates'a'fully'tech-enabled,'highly'scalable, cloud-hosted'lending'platform,'with'end-to-end'ownership'and'control'of'product and'technology.'This'includes'Loan'Origination'System'(LOS),'Loan'Management System'(LMS)'and'ACS.'The'platform'manages'the'entire'loan'lifecycle.'At'end December'2025,'the'company'is'supported'by'an'in-house'team'of'331'engineers and'product'specialists.' AUM'comprises'on-book'loans,'i.e.,'loans'on'the'balance sheet'of'wholly'owned'subsidiary,'Si'Creva'(an'RBI'regulated'middle-layer NBFC),'and'off-book'loans,'i.e.,'loans'on'the'balance'sheet'of'lending partners.'Subsidiary'obtained'ratings'of'A-/'Stable'from'Acuit''Ratings,'India Ratings'and'CRISIL.'At'end'December'2025,'on-book'borrowings'amounted'to'Rs 2047.52'crore,'with'a'debt-to-equity'ratio'of'1.63x. The'company'has'delivered'consistent'growth'in'AUM'from'Rs 1267.93'crore'at'end'March'2023'to'Rs'4086.64'crore'at'end'March'2025,'growing at'a'CAGR'of'79.53%.'At'end'December'2025,'AUM'amounted'to'Rs'5955.75'crore.' The'company'has'maintained'asset'quality'with'GNPA'at'2.9% and'NNPA'at'0.38%,'while'the'provision'coverage'ratio'was'strong'at'86.88%'at end'December'2025.'The'capital'adequacy'ratio'was'healthy'at'26.69%'at'end December'2025. Ranvir'Singh,'co-founder'and'Chief'Executive'Officer,'has over'20'years'of'experience'across'financial'institutions'in'India'and Southeast'Asia.'Krishnan'Vishwanathan,'co-founder'and'Chief'Financial'Officer, has'over'18'years'of'experience'in'financial'service'and'consultancy.' Global'investors,'such'as'Vertex'Growth'Fund'and'other leading'venture'capital'firms'have'invested'in'Company.'Investor'backing showcases'their'trust'in'business'model'and'supports'continued'investment'in technology,'product'expansion,'and'operational'scale-up.' The'Offer'and'the'Objects The'initial'public'offer'(IPO)'consists'of'fresh'issue'of shares'to'raise'Rs'850'crore'through'issuance'of'5.25'crore'equity'shares'at the'lower'band'of'Rs'162'per'share'(face'value'Rs'1'per'share)'and'4.97'crore equity'shares'at'the'upper'band'of'Rs'171'per'share. The'issue'also'consists'of'Offer'for'Sale'(OFS)'of'0.44 crore'equity'shares'to'raise'Rs'71.92-75.92'crore.'The'promoters'are'not participating'in'the'OFS.'The'promoter'shareholding'would'decline'to'24.8%'from pre-IPO'level'of'35.2% The'issue'is'to'be'made'through'the'book-building'process and'will'open'on'30'April'2026'and'will'close'on'05'May'2026. The'company'proposes'to'utilize'Rs'637.5'crore'from'the'net proceeds'from'the'Fresh'Issue'towards'augmenting'the'capital'base'of Subsidiary,'Si'Creva,'to'meet'its'future'capital'requirements'arising'out'of the'growth'of'business.'In'addition,'the'company'expects'to'receive'the benefits'of'listing'of'the'Equity'Shares'on'the'Stock'Exchanges,'including enhancement'of'Company's'brand'name'and'creation'of'a'public'market'for'Equity Shares'in'India. Strengths The'company'has'robust'base'of'63.73'million'registered users'and'served'11.17'million'customers'driven'by'efficient'multi-channel acquisition'strategy,'which'combines'online'and'offline'channels.'There'is'high repeat'usage'with'50.62%'of'AUM'at'end'December'2025'attributable'to'repeat customers.' The'company'has'built'a'data-first'architecture'that integrates'ML'across'risk,'credit'and'collection'workflows.'The'underwriting processes'are'supported'by'a'team'of'42'data'scientists.'The'performance'of underwriting'models'surpasses'traditional'credit'bureau-based'systems'with'use of'behavioral'signals,'alternative'datasets'and'ML'algorithms'to'assess borrower'credibility'more'comprehensively.' The'company'has'built'multi-tiered'collection'capabilities with'insights'from'historical'repayment'patterns,'application'activity'behavior and'customer'behavior.'The'risk'management'framework'deploys'automated'early warning'triggers'to'monitor'exposures'in'real'time,'with'a'focus'on'higher-risk segments'and'geographies.' The'company'has'access'to'diversified'and'scalable'funding sources.'AUM'is'built'on'a'balanced'funding'framework,'comprising'on-book'and off-book'loans.'The'company'has'a'diversified'lender'base'of'47'lenders'at'end December'2025,'demonstrating'low'concentration'risk'and'reliable'liquidity.' The'company'has'designed'and'developed'core'lending infrastructure,'including'Lead'Generation'System,'LOS,'LMS,'ACS'and'merchant platform.'This'end-to-end'ownership'empowers'developing,'testing'and'launching new'features'and'products,'and'enables'to'move'from'ideation'to'market'launch within'weeks.' The'platform'is'hosted'entirely'on'a'scalable'cloud-based architecture,'enabling'operation'without'the'physical'and'operational limitations'of'traditional'financial'institutions.' India's'retail'lending'sector'is'witnessing'accelerated growth'yet'remains'significantly'underpenetrated'compared'to'developed economies.'India's'household'credit-to-GDP'at'45.6%'in'the'third'quarter'of 2025'remains'well'below'the'USA'(68.0%)'and'UK'(73.9%),'indicating'substantial headroom'for'expansion. The'mass-market'segment'remains'the'largest'and fastest-growing'cohort'in'India,'driven'by'population'growth'and'rising aspirations.' India's'retail'lending'landscape'is'further'transforming rapidly,'fueled'by'digital'adoption'and'supportive'regulations.' Digital'lending'within'the'mass'market'segment'is'expected to'surge'7x'to'Rs'4.1'trillion'by'Fiscal'2030,'growing'at'a'48%'CAGR. Weaknesses A'significant'portion'of'AUM'consists'of'unsecured'loans'at 94.23%'of'total'AUM'at'end'December'2025.'The'unsecured'loans'inherently'carry a'higher'risk'profile,'as'the'absence'of'collateral'increases'the'likelihood'of non-recovery'in'the'event'of'borrower'default.'Consequently,'credit'losses associated'with'unsecured'loans'are'typically'elevated'in'comparison'to'those arising'from'secured'lending'activities.' The'company'has'to'continue'to'innovate'and'further'develop platform'to'attract'new'customers'to'sustain'growth.' The'company'must'continue'to'invest'significant'resources'in research'and'development'to'enhance'information'technology'and'improve'existing products'and'services.' A'significant'portion'of'AUM'is'attributable'to'the'southern (35%)'and'western'regions'of'India'(26.47%)'at'end'December'2025.'Any'adverse development'in'these'regions'may'adversely'affect'business. The'company'relies'on'collecting'and'analyzing'data'to enhance'business'performance'and'results'and'depend'on'the'accuracy'and completeness'of'information'provided'by'customers.' The'proper'functioning'of'technology'infrastructure'is essential'to'conduct'business.'Specifically,'satisfactory'performance, reliability'and'availability'of'products,'platforms,'and'services'are'critical to'success'and'ability'to'attract'and'retain'customers'and'provide'adequate services.' The'company'has'significantly'higher'share'of'off-book'loan book'at'48.87%'through'arrangements'with'certain'third-party'non-banking financial'companies.'Any'premature'termination'of'such'lending'arrangements'may adversely'affect'business.' The'fintech'industry'in'India'is'continuously'evolving, necessitating'the'enhancement'of'marketing'strategies'and'experimentation'with new'methods'to'stay'aligned'with'industry'developments'and'customer preferences.'This'evolution'may'not'always'be'cost-effective'compared'to'past marketing'activities'and'could'result'in'significantly'higher'marketing expenses.' Developing'and'launching'offerings'on'platform'may'involve significant'technical'risks'and'upfront'investments'that'may'not'generate'the expected'returns.' The'company'is'dependent'on'digital'marketing'for'the acquisition'of'customers'(45.51%'in'9MFY2026).'Success'depends'in'part'on ability'to'attract'customers'through'unpaid'internet'search'results'on'search engines. The'company'does'not'have'any'direct'control'over'how'a customer'actually'utilizes'the'loan,'after'disbursal.' Valuation PAT'grew'at'a'CAGR'of'141%'from'Rs'27.67'crore'to'Rs'160.62 crore'in'FY2025.'Further,'PAT'was'Rs'199.27'crore'in'9MFY2026'driven'by effective'revenue'generation'and'cost'management'capabilities. Annualized'EPS'on'post-issue'equity'for'9MFY2026'works'out to'Rs'15.0.'At'the'price'band'of'Rs'162'to'Rs'171,'P/E'works'out'to'10.8-11.4 times'of'annualized'EPS'for'9MFY2026. Post-issue,'the'book'value'(BV)'will'be'Rs'124.9,'while adjusted'BV'(ABV)'net'of'net'stage'3'assets'works'out'to'Rs'124.2'per'share'at the'upper'price'band.'The'scrip'is'being'offered'at'price'to'Adj'BV'multiple'of 1.4'times'at'the'upper'price'band. Among'peer'NBFCs,'SBI'Cards'&'Payments'is'trading'at'P/ Adj'BV'multiple'of'4.2'times'of'adj'BV'at'end'December'2025'and'Aye'Finance'at 1.5'times. In'terms'of'PE,'SBI'Cards'&'Payments'is'trading'at'29.7 times'its'annualized'EPS'for'9MFY2026'and'Aye'Finance'at'24.9'times. OnEMI'Technology'Solutions'have'maintained'stable'asset quality'with'healthy'return'ratio'delivering'RoA'of'5.6%'and'RoE'of'15.9%'for 9MFY2026 ' '' ''OnEMI'Technology'Solutions:'Issue'highlights '' ' ' '' ''For'Fresh'Issue'Offer'size'(in'no.'of'shares'crore) '' ' ' '' ''-'On'lower'price'band '' '' ''5.25 '' '' ' ' '' ''-'On'upper'price'band '' '' ''4.97 '' '' ' ' '' ''Offer'size'(in'Rs'crore) '' '' ''850.00 '' '' ' ' '' ''For'Offer'for'Sale'Offer'size'(in'Rs'crore) '' ' ' '' ''-'On'lower'price'band '' '' ''71.92 '' '' ' ' '' ''-'On'upper'price'band '' '' ''75.92 '' '' ' ' '' ''Offer'size'(in'no'of'shares'crore) '' '' ''0.44 '' '' ' ' '' ''Price'band'(Rs) '' '' ''161-172 '' '' ' ' '' ''Minimum'Bid'Lot'(in'no.'of'shares) '' '' ''87 '' '' ' ' '' ''Post'issue'capital'(Rs'crore) '' '' '' '' '' ' ' '' ''-'On'lower'price'band '' '' ''17.12 '' '' ' ' '' ''-'On'upper'price'band '' '' ''16.85 '' '' ' ' '' ''Post-issue'promoter'&'Group'shareholding'(%) '' '' ''24.8 '' '' ' ' '' ''Issue'open'date '' '' ''30-04-2026 '' '' ' ' '' ''Issue'closed'date '' '' ''05-05-2026 '' '' ' ' '' ''Listing '' '' ''BSE,'NSE '' '' ' ' '' ''Rating '' '' ''43/100 '' '' ' ' '' ''OnEMI'Technology'Solutions:'Financials '' ' ' '' '' ''2303'(12) '' '' ''2403'(12) '' '' ''2503'(12) '' '' ''2512'(9) '' ' ' '' ''Income'from'Operations '' '' ''984.46 '' '' ''1674.45 '' '' ''1337.47 '' '' ''1559.90 '' ' ' '' ''OPM'(%) '' '' ''38.60 '' '' ''56.99 '' '' ''53.46 '' '' ''51.87 '' ' ' '' ''OP '' '' ''379.96 '' '' ''954.25 '' '' ''714.98 '' '' ''809.05 '' ' ' '' ''Other'Income '' '' ''17.05 '' '' ''25.86 '' '' ''15.22 '' '' ''24.03 '' ' ' '' ''PBDIT '' '' ''397.01 '' '' ''980.11 '' '' ''730.20 '' '' ''833.08 '' ' ' '' ''Interest'(Net) '' '' ''55.90 '' '' ''68.64 '' '' ''164.40 '' '' ''205.75 '' ' ' '' ''PBDT '' '' ''341.11 '' '' ''911.47 '' '' ''565.80 '' '' ''627.33 '' ' ' '' ''Provisions '' '' ''299.30 '' '' ''621.15 '' '' ''326.83 '' '' ''344.63 '' ' ' '' ''Depreciation'/'Amortization '' '' ''17.86 '' '' ''22.88