OnEMI Technology Solutions Files for Rs 1,000 Crore IPO
OnEMI Technology Solutions, operator of digital lending platform Kissht, has filed its DRHP with SEBI for an IPO. The offering includes a fresh issue of shares worth up to Rs 1,000 crore and an offer for sale of up to 88,79,575 equity shares. The company plans to use Rs 750 crore to augment its subsidiary's capital base and for general corporate purposes. OnEMI has shown strong financial growth with 5.32 crore registered users and Rs 4,086.64 crore in assets under management.
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Mumbai-based OnEMI Technology Solutions, the operator of digital lending platform Kissht, has taken a significant step towards going public. The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO).
IPO Details
The proposed IPO comprises two components:
- A fresh issue of shares worth up to Rs 1,000 crore
- An offer for sale of up to 88,79,575 equity shares by existing investors
OnEMI is also considering a pre-IPO placement of up to Rs 200 crore. If this placement is completed, it would reduce the size of the fresh issue.
Company Overview
OnEMI Technology Solutions, operating since 2016, focuses on serving young individuals in the mass market segment through its digital lending platform, Kissht. The company boasts:
- 5.32 crore registered users
- 91.6 lakh customers served
- Over 19 lakh active customers
- Rs 4,086.64 crore in assets under management
Use of Proceeds
The company plans to utilize Rs 750 crore from the fresh issue to:
- Augment the capital base of its subsidiary, Si Creva
- Fund general corporate purposes
Financial Performance
OnEMI has demonstrated strong financial growth:
| Fiscal Year | Consolidated Revenue (Rs Crore) | Profit After Tax (Rs Crore) | Assets Under Management (Rs Crore) |
|---|---|---|---|
| - | 1,337.46 | 160.62 | 4,086.63 |
| - | - | 27.66 | 1,267.92 |
The company has shown impressive growth rates:
- Assets under management grew at a CAGR of 79.53%
- Profit after tax increased at a CAGR of 140.95%
This IPO marks a significant milestone for OnEMI Technology Solutions as it seeks to capitalize on its growth and expand its presence in the digital lending space. The public offering is expected to provide the company with the capital needed to further strengthen its market position and support its ongoing expansion efforts.
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