Kissht parent weighs fresh fundraise four months after IPO

BENGALURU: Kissht’s parent company is weighing another capital raise about four months after bringing in Rs 850 crore through its IPO, as the digital lender continues to expand its loan book.OnEMI Technology Solutions will place a fundraising proposal before its board on September 17, according to a stock exchange filing made on Monday. The company has not disclosed how much it wants to raise, who could invest or how the money would be used.The options include issuing equity shares, warrants or convertible instruments through a preferential allotment, private placement or other permitted routes. Any transaction would require shareholder and other applicable approvals.The proposal follows a Rs 926 crore IPO that comprised Rs 850 crore in new shares and roughly Rs 76 crore in sales by existing shareholders. The company made its market debut on May 8. About Rs 637.5 crore of the fresh capital was invested in its lending subsidiary, Si Creva, to support lending and grow its loan book.Kissht had reduced that offering from an earlier plan to raise Rs 1,000 crore in fresh capital. The shares offered by existing investors were also cut to about 44 lakh from 88 lakh.The company’s assets under management rose 61% from a year earlier to Rs 8,001 crore at June end. Loan disbursals increased 37% to Rs 3,812 crore during the quarter, while net profit climbed 59% to Rs 95 crore.Loans against property accounted for 7.7% of its managed assets, up from 2.5% a year earlier.Get the latest Business News and Live updates. Download the TOI app.