RentoMojo IPO Subscribed 69% on Day 1, NII Portion 90% Booked
Furniture and appliance rental platform RentoMojo's ₹1,256 Cr IPO received bids for 69% of shares on offer by the end of its first bidding day. Subscription details indicate strong interest from non-institutional investors.
RentoMojo, an online platform for renting furniture and appliances, saw its ₹1,256 crore (approximately $150 million USD) Initial Public Offering subscribed 69% on its first day of bidding. The offering, which aims to raise capital through a combination of fresh issuance and sale of existing shares, has attracted significant interest from various investor categories.
The non-institutional investor (NII) portion, typically reserved for wealthy individuals and corporations, was the most sought after, reaching 90% subscription. Within the NII category, sub-portions for investments between ₹2 lakh and ₹10 lakh, and those exceeding ₹10 lakh, were 1.26 times and 73% subscribed, respectively. The retail investor portion was subscribed 76%, while the employee reservation segment reached 75% subscription.
The company has set a price band of ₹384-₹404 per share, valuing RentoMojo at approximately ₹4,206 crore ($500 million USD) at the upper end. The public issue includes a fresh issue of ₹150 crore and an offer for sale (OFS) of up to ₹1,105.6 crore. Prior to the public offering, RentoMojo raised nearly ₹376.1 crore from anchor investors.
RentoMojo's financial performance shows growth, with operating revenue increasing by 45.5% to ₹387 crore in FY26. Profit after tax saw a substantial jump of nearly 142% to ₹104.3 crore in the same period, aided by a tax credit. The proceeds from the IPO are earmarked for repaying borrowings, lease payments for offline stores and warehouses, and general corporate purposes.