When Will Kissht IPO Open and What Is Its Valuation?

The upcoming IPO of Kissht comes at a time when India’s fintech lending space is entering a phase of consolidation, regulation, and profitability focus. Unlike earlier startup IPO waves driven by aggressive growth narratives, this offering reflects a more disciplined approach where profitability, capital efficiency, and balance sheet strength are gaining priority.

With a total issue size of ₹926 crore and a post-money valuation of around ₹3,062 crore, the IPO sits at an interesting intersection of growth and valuation comfort. The key question for investors is not just whether the IPO will be subscribed, but whether the business model can sustain growth in a tightening regulatory environment.

Core IPO Details and Timeline

The IPO structure provides clear signals about capital strategy, investor exits, and future growth funding.

Key IPO Details

Parameter	Details
IPO Opening Date	April 30, 2026
IPO Closing Date	May 5, 2026
Anchor Book	April 29, 2026
Price Band	₹162 to ₹171
Issue Size	₹926 crore
Fresh Issue	₹850 crore
Offer for Sale	~₹76 crore
Post-Money Valuation	~₹3,062 crore

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At the upper price band, the company is valued at approximately $329 million, which is relatively moderate compared to earlier fintech listings.

Business Model: What Kissht Actually Does

Kissht operates in the consumer lending space, primarily offering small-ticket loans across categories such as electronics, travel, fashion, and lifestyle purchases.

The company’s model is built around:

• Merchant partnerships for embedded lending

• Digital-first loan disbursement

• Focus on underserved and new-to-credit customers

This positions it within the fast-growing segment of digital credit, where demand is expanding alongside e-commerce penetration.

Financial Performance: Growth with Profitability

Unlike many fintech peers, Kissht has demonstrated profitability, which strengthens its IPO narrative.

Financial Snapshot

Metric (FY25 / 9M FY26)	Value
FY25 Revenue	₹1,337 crore
FY25 Net Profit	₹160 crore
9M FY26 Revenue	₹1,560 crore
9M FY26 Net Profit	₹199 crore

The company is already on track to surpass FY25 performance within nine months of FY26.

Data suggests improving revenue and profitability This leads to stronger investor confidence Which results in relatively stable valuation expectations

Use of Funds: Where the Money Will Go

A significant portion of IPO proceeds is earmarked for strengthening lending capacity.

Fund Allocation

Purpose	Amount
Capital infusion into subsidiary	₹637.5 crore
General corporate purposes	Remaining amount

The capital will primarily support lending growth through its subsidiary, which is critical for scaling operations.

Shareholding and Investor Exit

The IPO includes a small Offer for Sale component, indicating limited early investor exit pressure.

Key Shareholders

Shareholder	Stake
Vertex Ventures	22.68%
Ammar Sdn Bhd	12.13%
Ventureast Fund	8.95%
Founders (combined)	~32%

The relatively low OFS size suggests confidence from existing investors in future growth.

Hidden Driver: Shift Toward Profitable Fintech Models

One of the most important but less discussed aspects of this IPO is the timing.

The fintech sector in India is moving from:

• Growth at any cost

to

• Sustainable and profitable growth

Kissht fits into this new narrative, making it more aligned with current market expectations.

What Most Investors Get Wrong

Many investors assume all fintech IPOs will behave like earlier listings that saw extreme volatility.

This is misleading.

The current cycle is different:

• Valuations are more conservative

• Profitability is prioritized

• Regulatory oversight is stronger

Another misconception is that smaller issue size means lower potential. In reality, tighter supply can sometimes support better listing stability.

Contrarian Insight: Moderate Valuation May Work in Its Favor

While the IPO is not aggressively priced, that could be a positive.

Lower valuation relative to growth potential can:

• Attract long-term investors

• Reduce downside risk

• Support gradual price appreciation

This contrasts with earlier high-valuation IPOs that struggled post listing.

Future Outlook: What Will Drive Growth

The company’s future performance will depend on several key drivers:

• Expansion of merchant partnerships

• Growth in digital credit demand

• Asset quality and risk management

• Regulatory environment for NBFCs and fintech

India’s consumer lending market is expected to grow rapidly, especially in Tier 2 and Tier 3 cities, where credit penetration remains low.

Actionable Strategy for Investors

For IPO investors:

• Evaluate subscription trends, especially institutional demand

• Avoid aggressive bidding at peak hype levels

For long-term investors:

• Track asset quality and default rates

• Monitor regulatory developments

• Consider accumulation post listing if valuation stabilizes

Final Take

The Kissht IPO represents a new phase in India’s fintech evolution where profitability, discipline, and sustainable growth are becoming more important than pure scale. While the opportunity in digital lending remains strong, execution and risk management will determine long-term success. Investors who approach this IPO with a balanced view of growth and risk are more likely to benefit.

When will the Kissht IPO open

The IPO will open on April 30, 2026, and close on May 5, 2026, with the anchor book opening on April 29.

What is the valuation of Kissht IPO

At the upper price band of ₹171, the company is valued at approximately ₹3,062 crore post listing.

Is Kissht a profitable company

Yes, Kissht has reported consistent profitability, with net profit of ₹160 crore in FY25 and ₹199 crore in the first nine months of FY26.