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Kissht (Ring Plus Aqua)
๐
Founded: 2015
๐ Mumbai, Maharashtra
๐ฅ 3,500+ employees
๐ kissht.com
๐ Face Value: โน10
๐ฆ Market Cap: โน2,860 Cr
Price Band
โน162 โ โน171
Issue Size
โน926 Cr
Lot Size
82 shares
Min. Investment
โน14,022
GMP
+โน0 (+18.7%)
Est. Return
+18.7%
Listing Date
08 May 2026
Registrar
Link Intime India
IPO Signal Analysis
๐ Based on Grey Market Premium (GMP) & Subscription Data โ not financial advice
GMP Signal
Very High Interest
GMP: +18.7% above issue price
โญ Overall Signal
High Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
10.00x subscribed
Issue Details
Fresh Issueโน500 Cr
Offer for Sale (OFS)โน426 Cr
Total Issue Sizeโน926 Cr
Face Valueโน10
Market Cap (at issue)โน2,860 Cr
Listing ExchangeBSE, NSE
๐
Open Date30 Apr 2026
๐ Close Date05 May 2026
โ๏ธ Cut-off Price Date05 May 2026
๐๏ธ Allotment Date06 May 2026
๐ธ Refund Initiation07 May 2026
๐ Demat Credit07 May 2026
๐ Listing Date08 May 2026
Objects of the Issue
- ๐ฐ Augmenting capital base for lending operations โ โน380 Cr
- ๐ฐ Technology and product development โ โน80 Cr
- ๐ฐ General corporate purposes โ โน40 Cr
About the Company
Kissht is a digital consumer lending platform offering instant personal loans, EMI financing for consumer electronics, and BNPL (Buy Now Pay Later) solutions. The company has disbursed over โน12,000 Cr in loans to 35 lakh+ customers across 500+ cities. Kissht uses proprietary AI/ML underwriting to assess creditworthiness for thin-file borrowers.
Strengths
- โ 35 lakh+ active borrowers across 500+ cities
- โ Proprietary AI credit underwriting for new-to-credit customers
- โ Strong NPA management: GNPA below 3%
- โ Diversified product mix: personal loans, EMI, BNPL, credit cards
Risk Factors
- โ ๏ธ Consumer lending faces headwinds from RBI tightening
- โ ๏ธ Higher risk profile: unsecured loans to thin-file borrowers
- โ ๏ธ Competition from Bajaj Finserv, ZestMoney, LazyPay, fintechs
- โ ๏ธ Potential credit quality deterioration in economic downturn
Subscription Status
10.00x Overall
QIB: 26.0x
NII: 8.4x
RII: 1.4x
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | 4.80x | 1.40x | 0.48x | 1.80x |
| Day 2 | 14.20x | 4.20x | 0.96x | 5.60x |
| Day 3 | 26.00x | 8.40x | 1.36x | 10.00x |
Share Reservation
QIB
75%
NII
15%
RII
10%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
SBI MFHDFC AMCGoldman Sachs IndiaFidelityMirae Asset MF
Promoter Holding
68.4%
Pre-IPO
โ -8.2%
60.2%
Post-IPO
Company Gallery
Kissht
Kissht digital lending app
Kissht
EMI financing for electronics
Kissht
Kissht customer service centre
Founders & Leadership
KV
Krishnan Vishwanathan
Founder & CEO
๐ IIT Bombay, B.Tech; IIM Ahmedabad, MBA
Founded Kissht in 2015 with a vision of digital-first credit for India's underbanked consumers
RS
Ranvir Singh
Co-Founder & CTO
๐ IIT Delhi, B.Tech; Carnegie Mellon, MS CS
Built Kissht's AI/ML underwriting engine that enables instant credit decisions at scale
IPO Timeline
โ
Open Date
30 Apr 2026
โ
Close Date
05 May 2026
โ
Allotment Date
06 May 2026
โ
Listing Date
08 May 2026
Key Financials
Revenueโน1,480 Cr
PATโน182 Cr
EPSโน12.4
P/E Ratio13.8x
ROE18.6%
Market Capโน2,860 Cr
Company Financials (Restated Consolidated)
| Period Ended | 9M FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 6200.00 | 7800.00 | 6200.00 | 4400.00 |
| Total Income | 1180.00 | 1480.00 | 1080.00 | 710.00 |
| Profit After Tax | 148.00 | 182.00 | 124.00 | 62.00 |
| EBITDA | 320.00 | 420.00 | 310.00 | 190.00 |
| Net Worth | 1020.00 | 980.00 | 800.00 | 680.00 |
| Reserves & Surplus | 920.00 | 880.00 | 700.00 | 580.00 |
| Total Borrowing | 4200.00 | 5600.00 | 4800.00 | 3200.00 |
Amount in โน Crore
Key Performance Indicators (KPI)
| KPI | 9M FY26 | FY25 |
|---|---|---|
| ROE (%) | 14.51 | 18.57 |
| EBITDA Margin (%) | 27.12 | 28.38 |
| Debt / Equity | 4.12 | 5.71 |
| Net Worth (Rs. Cr) | 1020.00 | 980.00 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | โน12.4 | โ |
| P/E (x) | 13.8x | โ |
| ROE (%) | 18.6% | โ |
| Promoter Holding | 68.4% | 60.2% |
| Market Cap | โน2,860 Cr | |
IPO Registrar
IPO FAQs
Kissht (Ring Plus Aqua) IPO is a mainboard IPO with an issue size of โน926 Cr at a price band of โน162 โ โน171. Minimum lot size is 82 shares (minimum investment ~โน14,022). Opens on 30 Apr 2026 and closes on 05 May 2026. Proposed listing on BSE, NSE. Registrar: Link Intime India.