⚠️ Neutral
Listed
Non Banking Financial Company (NBFC)
OnEMI Technology Solutions Limited IPO
₹926 Cr · Fresh Issue & OFS · Non Banking Financial Company (NBFC)
Price Band
₹162 – ₹171
Lot: 800 shares (₹136,800)
GMP (Grey Market)
₹43 (+27.22%)
Est. listing ₹214
Issue Size
₹926 Cr
Fresh Issue & OFS
Market Cap
₹2881.06 Cr
At upper band
P/E Ratio
17.9x
P/S: 2.2x
Listing Date
08 May 2026
BSE & NSE
IPO Timeline
✓
Opens
30 Apr 2026
✓
Closes
05 May 2026
✓
Allotment
6 May 2026
✓
Refund
7 May 2026
✓
Listing
08 May 2026
IPO India Hub: Neutral
Conviction
5/10
The company trades at 0.75× sector midpoint with strong valuation appeal, but revenue has declined 3.5% over two years and net profit margin of 12.6% sits below the 15% threshold for premium pricing. Weak organic growth and modest profitability gains offset the attractive entry multiple.
Listing Performance
Issue Price
₹171
Allotment price
Listing Price
₹191
+11.7% on listing day
Current Price (CMP)
₹321.35
+87.9% vs issue
Listed On
08 May 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Valuation discount to sector
At 17.9× P/E, the company trades at 0.75× the Fintech/NBFC sector midpoint of 24×, placing it in the Subscribe-eligible range. This 25% discount to peer valuations provides a margin of safety for investors, especially given the strong 9.96× subscription demand and reputed lead manager syndicate.
✓ Strength
Subsidiary growth capital deployment
₹637.5 Cr of the ₹855 Cr net proceeds (74.5%) will augment capital in Si Creva subsidiary to fund future growth. This targeted deployment suggests management confidence in subsidiary expansion and reduces dilution risk from general corporate purposes.
⚠ Risk
Revenue contraction over two years
Revenue declined from ₹1700.3 Cr (FY-2) to ₹1583.9 Cr (FY0), representing a -3.5% CAGR. This contraction raises questions about market share retention and competitive positioning in the NBFC lending space, particularly if the trend persists post-IPO.
⚠ Risk
Stagnant profitability growth
Net profit CAGR over two years is only 0.5%, with FY-1 showing a sharp dip to ₹160.6 Cr before recovery to ₹199.3 Cr in FY0. This volatility and near-flat growth trajectory suggest operational headwinds or margin compression that have not yet been resolved.
₹ Valuation
Fair pricing with margin concerns
At 17.9× P/E (0.75× sector midpoint) and 2.2× P/S, the company is fairly valued relative to peers. However, net profit margin of 12.6% falls short of the 15% threshold that would justify premium multiples, limiting upside justification despite the discount.
👁 Watch
Post-IPO revenue trajectory critical
Investors must closely monitor quarterly revenue and loan portfolio growth post-listing. Sustained contraction or margin compression would invalidate the valuation case, while a return to mid-teen growth would validate the discount multiple.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "OnEMI Technology Solutions Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1337.47 Cr
Net Profit
₹160.62 Cr
Industry
Non Banking Financial Company (NBFC)
Issue Type
Fresh Issue & OFS
Promoters
RANVIR SINGH AND KRISHNAN VISHWANATHAN
Lead Managers
JM Financial, HSBC Securities, Nuvama Wealth Management, SBI Capital Markets and Centrum Broking
Quick Actions
Frequently Asked Questions
Neutral. The company trades at 0.75× sector midpoint with strong valuation appeal, but revenue has declined 3.5% over two years and net profit margin of 12.6% sits below the 15% threshold for premium pricing. Weak organic growth and modest profitability gains offset the attractive entry multiple.
The current grey market premium (GMP) is ₹43, which is 27.22% above the upper band price of ₹171. This implies an estimated listing price of around ₹214. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 800 shares. At the upper band price of ₹171, the minimum investment per retail application is ₹136,800. You can apply for up to 13 lots (₹1,778,400) under the retail category (up to ₹2 lakh).
The IPO opens on 30 Apr 2026. It closes on 05 May 2026. Allotment is expected on 6 May 2026. Refunds initiate on 7 May 2026. Listing on BSE and NSE is on 08 May 2026.
The lead managers for the IPO are JM Financial, HSBC Securities, Nuvama Wealth Management, SBI Capital Markets and Centrum Broking. Check the SEBI filing for the registrar details.
The IPO listed on 08 May 2026 at ₹191 against an issue price of ₹171 (+11.7% on listing day). The current market price (CMP) is approximately ₹321.35 (+87.9% vs issue).
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 05 May 2026. The minimum investment is ₹136,800 for one lot (800 shares). The company trades at 0.75× sector midpoint with strong valuation appeal, but revenue has declined 3.5% over two years and net profit margin of 12.6% sits below the 15% threshold for premium pricing. Weak organic growth and modest profitability gains offset the attractive entry multiple.
Our analysis is <strong>Neutral</strong>. Consider applying selectively before the issue closes on 05 May 2026. The IPO is priced at a P/E of 17.9x. Market cap at issue price is ₹2881.06 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 800 shares at ₹171 each, costing ₹136,800 per application. The issue closes on 05 May 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'OnEMI Technology Solutions Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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