OnEMI Technology Solutions Ltd, which operates the digital lending platform Kissht, has launched its initial public offering (IPO) for subscription from April 30 to May 5, 2025. The IPO price band is set between ₹162-171, valuing the company at nearly ₹2,900 crore at the upper end. Retail investors need a minimum investment of ₹14,877 for a lot size of 87 shares. The offering allocates 50% for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs). The company has raised ₹278 crore from anchor investors, including prominent mutual funds and international investors like Goldman Sachs and BNP Paribas. Currently, the Grey Market Premium (GMP) stands at +4.5, suggesting a potential listing price of ₹175.5 per share, which is 2.63% higher than the IPO price. Analysts have noted that while the stock is attractively valued at 10.8x P/E, the company faces risks due to its 94% unsecured loan portfolio. Despite a 20% revenue decline in FY25, assets under management grew by 57% year-on-year, demonstrating strong demand and scalability. Investors are advised to weigh the company's growth potential against its risks before making investment decisions.