OnEMI Technology Solutions Ltd's IPO, which opened for bidding on April 30, has seen a 24% subscription rate by the second day, with 66% of bids coming from Qualified Institutional Buyers (QIBs). The company, which operates the digital lending platform Kissht, has set its IPO price band at ₹162 to ₹171 per share, valuing it at approximately ₹2,900 crore (roughly $350 million USD) at the upper end. The total offering is valued at ₹926 crore (approximately $112 million USD) and is set to close on May 5. Analysts from Anand Rathi Research have given a 'Subscribe - Long Term' rating, citing the company's robust user base of 53 million and its potential in India's underutilized credit sector. However, they also highlighted risks associated with its 94% unsecured loan portfolio. Despite a 20% revenue decline in FY25, the company has shown a 57% year-on-year growth in assets under management, indicating strong demand. The IPO includes a fresh issuance of equity shares worth ₹850 crore and an offer-for-sale of 44,39,788 shares from existing shareholders. The proceeds will be used for capital expansion and corporate purposes.