Temasek-backed OnEMI Technology Solutions has announced plans to launch its IPO later this week, as the digital lending firm behind the Kissht platform looks to raise nearly Rs 926 crore.

The IPO is being managed by a group of investment banks, including JM Financial, HSBC Securities and Capital Markets (India), Nuvama Wealth Management, SBI Capital Markets, and Centrum Broking. The registrar to the issue is Kfin Technologies.

The share sale will open for subscription on 30 April and close on 5 May, with a price band set between Rs 162 and Rs 171 per share.

The company would be valued at about Rs 2,881 crore at the upper end of the price band.

An anchor investor round is scheduled for 29 April, while the allotment of shares is expected to be finalised on 6 May. The shares are expected to list on the NSE and BSE on 8 May.

The company's promoters, Ranvir Singh and Krishnan Vishwanathan, hold a combined 32.3% stake, while the remaining 67.7% is owned by public shareholders. Vertex Holdings is the largest investor, with a 22.68% stake, followed by Ammar Sdn Bhd with 12.13% at the time of the latest filing.

Fundraising and structure

The IPO consists of a fresh issue of shares worth Rs 850 crore and an offer-for-sale of 44.39 lakh shares, valued at about Rs 75.9 crore, by existing investors. Those selling stakes include Vertex Holdings, Ventureast Proactive Fund, and Ammar Sdn Bhd.

Rs 637.5 crore from the fresh issue will be used to strengthen the capital base of its lending subsidiary, Si Creva Capital Services, to support future growth. The remaining funds will be allocated for general corporate purposes, OnEMI said.