Rentomojo's IPO Gets Subscribed 1.97X on Day 1, with the NII Portion Leading at 3.87X
Bengaluru-based furniture and appliance rental platform Rentomojo saw its Rs 1,256 crore initial public offering subscribed 1.97 times on the first day of bidding, September 9, according to NSE data, with strong demand from non-institutional investors setting the early pace.
Here's how the categories stacked up. Non-institutional investors, typically high-net-worth individuals bidding for larger lots, led the demand with their portion subscribed 3.87 times. Retail investors weren't far behind at 2.05 times, and the employee quota came in at 2.09 times. The one soft spot was the qualified institutional buyers category, which stood at just 0.41 times on Day 1, a fairly typical pattern for IPOs, since institutional investors usually place the bulk of their bids closer to the issue's final day.
Here's what the company is actually selling. Founded in 2014, Rentomojo operates a subscription-based rental platform for furniture, appliances and other household products, and holds an estimated 42-47% market share in India's organised online furniture and appliance rental segment based on subscription revenue. The IPO price band was fixed at Rs 384-404 per share, comprising a fresh issue worth Rs 150 crore and a larger offer for sale of Rs 1,105.57 crore from existing shareholders, including Accel India and IDG Ventures.
The financials behind the listing tell a genuinely strong growth story. Rentomojo's revenue from operations grew 45.5% to Rs 387 crore in FY26, while profit surged 142% year-on-year to Rs 104 crore, the kind of accelerating profitability that typically draws sustained investor interest through an IPO window.
The subscription only built from there. By the final day of bidding, September 11, the issue closed at a massive 72.87 times overall, with QIBs ultimately swinging hard, subscribing 177.3 times, NII bids reaching 67.92 times, and retail closing at 15.58 times, a dramatic reversal from the cautious institutional start on Day 1.
At the top end of its price band, Rentomojo is valued at around $444 million, with shares expected to list on the NSE and BSE on September 17.
From a modest 1.97X opening to a 72X-plus closing frenzy, Rentomojo's IPO is proof that patient institutional money often waits until the very last moment to place its real bets.
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— Sandeep Raiza