RentoMojo Sets Price Band For ₹1,256 Cr IPO
Furniture and appliance rental company RentoMojo has set a price band of ₹384-₹404 per share for its upcoming Initial Public Offering (IPO). The public issue is valued at up to ₹1,255.6 crore.
RentoMojo, a company specializing in furniture and appliance rentals, has established a price range of ₹384 to ₹404 per share for its upcoming Initial Public Offering (IPO). The total value of the offering is set to reach approximately ₹1,255.6 crore at the upper end of this price band.
The IPO subscription period will commence on Wednesday, September 9, and conclude on Friday, September 11. Anchor investors will have the opportunity to bid starting Tuesday, September 8. The minimum investment for retail investors is set at 37 shares.
The offering includes both a fresh issue of shares worth ₹150 crore and an Offer for Sale (OFS) of existing shares amounting to ₹1,105.6 crore. Existing investors, including Accel and Chiratae Ventures, along with co-founder Geetansh Bamania, are participating in the OFS.
Funds raised from the fresh issue will be allocated towards repaying certain borrowings and covering rental or license payments for its offline stores and warehouses. RentoMojo, founded in 2014, operates a subscription-based model for renting furniture, appliances, and home essentials across 29 cities.