OnEMI Technology Solutions' initial public offering (IPO) has seen a 27% subscription rate after its second day of bidding, with retail investors subscribing to 9% of their allotted shares. The IPO, priced between ₹162 and ₹171 per share, aims to raise a total of ₹926 crore (approximately $112 million USD). Qualified institutional buyers (QIBs) led the response, bidding for 66% of their allocation, while non-institutional investors (NIIs) subscribed to 19% of their quota. The grey market premium (GMP) is currently at 2%, reflecting cautious optimism in the market.

OnEMI Technology Solutions operates a digital lending platform, Kissht, which has served over 6.3 crore users. Despite a revenue decline to ₹1,352 crore in FY25 from ₹1,700 crore the previous year, the company reported a net profit of ₹160.6 crore. The IPO proceeds will primarily bolster the capital base of its non-banking financial company (NBFC) subsidiary, Si Creva. Analysts have mixed views on the IPO, with concerns over the company's high reliance on unsecured lending, which constitutes over 90% of its portfolio. While some brokerages have given a neutral rating, others highlight the company's scalable platform and asset quality. Investors are advised to consider the risks associated with regulatory developments and customer retention as they evaluate the IPO.