Shares of OnEMI Technology Solutions Ltd--the parent firm of digital lending platform Kisht-- made their stock market debut at a premium of about 12 per cent as compared to the upper limit of the IPO price of Rs 171. At BSE, the shares opened at Rs 191, up 11.69 per cent from the issue price. At the same time, the shares started at Rs 190, up 11.11 per cent on NSE.
Post listing, the stock surged further. At the time of writing, onEMI Tech Solutions were trading at Rs 211.67, up Rs 40.67 or 23.78 per cent.
IPO Details
Bidding Dates - April 30 To May 5
Lot Size: The lot size for the share sale was 87 equity shares, which means a minimum investment of Rs 14,877 was needed to place a bid.
Share Reservation: Approximately 50 per cent of the issue was reserved for Qualified Institutional Buyers (QIBs), 35 per cent for retail investors, and the remaining 15 per cent for Non-Institutional Investors (NIIs).
A Combination Of Fresh Issues and Offers for Sale
The IPO comprised a fresh issue of equity shares totalling Rs 850 crore and an offer-for-sale (OFS) of 44,39,788 equity shares by existing shareholders at the upper end of the price band for Rs 76 crore. This brings the total issue size to Rs 926 crore.
At the upper end of the price band, the company is valued at approximately Rs 2,900 crore.
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Who Offloaded Stake
Ammar Sdn Bhd Investor, Vertex Ventures SEA Fund III Pte. Ltd., Vertex Growth Fund Pte. Ltd, Vertex Growth Fund II Pte Ltd, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, VenturEast Proactive Fund LLC, AION Advisory Services LLP, Ventureast Proactive Fund, and VenturEast SEDCO Proactive Fund LLC, were the stakeholders who offloaded the shares.
The proceeds from the fresh issue will be used to enhance the capital base of its subsidiary, Sea Craver, to meet future funding requirements as well as for general corporate purposes.