The upcoming IPO of OnEMI Technology Solutions, the company behind digital lending platform Kissht, is drawing attention not just for its fintech play but also for an unusual detail in its investor mix.
While the Rs 926 crore issue has backing from well-known names like Sachin Tendulkar and Temasek, the numbers suggest that not all investors may benefit equally from the public listing.
The company has set a price band of Rs 162–171 per share for its IPO, which opens for subscription on April 30. However, this is lower than the effective entry cost of some early investors.
Tendulkar, for instance, had invested in the company in 2025 through a private placement. After adjustments such as stock split, his effective acquisition cost stands at around Rs 223 per share.
At the upper end of the IPO price band, this implies that his investment is currently valued below his purchase price, leading to a notional loss on paper.
According to details in the company’s filings, Tendulkar holds about 0.42% stake in the firm. While his investment was valued higher earlier, the current IPO pricing suggests a drop in value compared to his entry cost.
This means that while the IPO may attract investor interest, not all existing shareholders are entering the listing with gains.
Despite this, the IPO could still deliver strong returns for other investors.
Some early shareholders are likely to see gains of several times their initial investment, while promoters could see significantly higher returns, according to the data.
This highlights the difference in entry timing and valuation across investor categories.
The three-day IPO will close on May 5, with anchor investor bidding scheduled a day earlier.
At the upper price band, the company is valued at close to Rs 2,900 crore. The issue includes a fresh issue of shares worth Rs 850 crore and an offer-for-sale component of around Rs 76 crore.
Shares are expected to be listed on both BSE and NSE on May 8.
For retail investors, the minimum investment size is Rs 14,877, with a lot size of 87 shares.
The Kissht IPO presents a mixed picture.
On one hand, it offers exposure to a growing digital lending platform backed by well-known investors. On the other, the pricing suggests that valuation expectations have moderated compared to earlier funding rounds.
For retail investors, the key takeaway is simple: IPO pricing does not always reflect earlier investor returns. Entry point matters, and even marquee investors can see notional losses depending on how valuations evolve.
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