✅ Subscribe
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: 1200 shares (₹205,200)
GMP (Grey Market)
—
No GMP data yet
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: Subscribe
Conviction
7/10
The company trades at 0.75× the NBFC sector midpoint (17.9x vs 24x), offering meaningful valuation discount despite modest profitability margins. Strong subscription demand (9.96×) and reputable lead managers support entry, though declining revenue and weak promoter retention post-issue warrant careful position sizing.
Listing Performance
Issue Price
₹171
Allotment price
Listing Price
₹191
+11.7% on listing day
Current Price (CMP)
₹328.9
+92.3% vs issue
Listed On
08 May 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Valuation discount to sector peers
At 17.9x P/E, the company trades 25% below the NBFC sector midpoint of 24x, placing it in the Subscribe zone. This discount is justified by 12.6% net margins, which sit below the 15% threshold that would warrant premium pricing. The P/S ratio of 2.2x is also reasonable for a fintech NBFC with ₹1,337 Cr revenue.
✓ Strength
Strong IPO subscription and lead manager quality
The issue was oversubscribed 9.96 times, indicating robust retail and institutional demand. Lead managers include tier-1 names (JM Financial, HSBC, SBI Capital), which typically conduct rigorous due diligence and reduce post-listing disappointment risk. GMP of ₹37 (10.91%) is cautiously positive for a Mainboard listing.
⚠ Risk
Revenue decline and flat profit growth
Revenue fell from ₹1,700 Cr (FY-2) to ₹1,352 Cr (FY-1), then recovered to ₹1,583 Cr (FY0), yielding a negative 2-year CAGR of -3.5%. Net profit CAGR over the same period was only 0.5%, indicating the company is not scaling earnings. This stagnation raises questions about competitive positioning in the NBFC lending space.
⚠ Risk
Weak promoter commitment post-listing
Promoter holding drops sharply from 32.3% pre-issue to 23.33% post-issue, signaling limited founder conviction in the IPO valuation. This 9-percentage-point dilution is material and suggests promoters may have viewed the IPO as a partial exit opportunity rather than a growth milestone.
₹ Valuation
Fair valuation with margin headwinds
At 17.9x P/E against a 24x sector midpoint, the company qualifies for Subscribe on valuation alone (0.75× midpoint). However, 12.6% NPM is below the 15% threshold that would justify premium multiples. The P/S of 2.2x is reasonable but not compelling given flat revenue trajectory.
👁 Watch
Post-listing capital deployment execution
₹637.5 Cr (75% of net proceeds) will be deployed to subsidiary Si Creva for growth. Investors must monitor whether this capital generates incremental revenue and PAT growth in FY1–FY2 post-listing; failure to reverse the -3.5% revenue CAGR would validate concerns about market saturation or competitive pressure.
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
Subscribe. The company trades at 0.75× the NBFC sector midpoint (17.9x vs 24x), offering meaningful valuation discount despite modest profitability margins. Strong subscription demand (9.96×) and reputable lead managers support entry, though declining revenue and weak promoter retention post-issue warrant careful position sizing.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
The minimum lot size is 1200 shares. At the upper band price of ₹171, the minimum investment per retail application is ₹205,200. You can apply for up to 13 lots (₹2,667,600) 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 ₹328.9 (+92.3% vs issue).
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 05 May 2026. The minimum investment is ₹205,200 for one lot (1200 shares). The company trades at 0.75× the NBFC sector midpoint (17.9x vs 24x), offering meaningful valuation discount despite modest profitability margins. Strong subscription demand (9.96×) and reputable lead managers support entry, though declining revenue and weak promoter retention post-issue warrant careful position sizing.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying 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 1200 shares at ₹171 each, costing ₹205,200 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.
Explore More