OnEMI Technology Solutions is set to open its Initial Public Offering (IPO) for subscription on April 30, with a target to raise approximately ₹926 crore ($112 million USD). The price band for the shares is set between ₹162 and ₹171. The company, known for its consumer lending platform Kissht, has attracted attention due to a modest grey market premium of around 3%, reflecting cautious investor sentiment. OnEMI has rapidly scaled its operations, boasting over 6.3 crore users, and has improved its EBITDA margin to nearly 30% from under 10% two years ago. However, the company faces challenges, as more than 90% of its loan book consists of unsecured loans, which increases credit risk, particularly in a volatile economic environment. Financial performance has been mixed, with revenues declining from ₹1,700 crore ($205 million USD) in the previous fiscal year to ₹1,352 crore ($163 million USD) in FY25. The IPO proceeds are intended to bolster the capital base of its non-banking financial company (NBFC) subsidiary, Si Creva, to support future growth. Analysts recommend a cautious approach, highlighting the risks associated with unsecured lending and regulatory changes in the digital lending landscape.