OnEMI Technology Solutions Ltd, which operates the digital lending platform Kissht, reported a 24% subscription on the opening day of its IPO on April 30. The company received bids for 9,433,584 shares out of 39,762,250 available. The Qualified Institutional Buyers (QIBs) segment saw a robust 66% subscription, while the Retail Individual Investors (RIIs) and non-institutional investors achieved 6% and 10% subscriptions, respectively. The IPO, which has a total size of ₹926 crore, includes a new equity share issue of ₹850 crore and an offer-for-sale (OFS) of 44,39,788 shares valued at ₹76 crore. The price band is set between ₹162-171 per share, and the minimum investment for retail investors is ₹14,877. The Grey Market Premium (GMP) stands at +4.5, indicating a potential listing price of ₹175.5, which is 2.63% higher than the upper end of the IPO price. Analysts from Anand Rathi Research recommend a 'Subscribe – Long Term' rating, citing the company's strong user base of 53 million and growth potential in India's underpenetrated credit market, despite the risks associated with unsecured lending. Swastika Investmart also notes the appealing valuation compared to competitors but advises caution due to economic vulnerabilities.