RentoMojo, an online furniture and appliance rental platform, saw its ₹1,256 crore initial public offering (IPO) subscribed 69% by 12:57 IST on the first day of bidding. The IPO received bids for 1.50 crore shares against 2.18 crore shares on offer, according to BSE data. The price band for the IPO was fixed at ₹384-₹404 per share, valuing the company at about ₹4,206 crore at the upper end.
The non-institutional investor (NII) portion recorded the highest demand, with bids for 42.05 lakh shares against 46.54 lakh shares on offer, translating into a 90% subscription. Within the NII category, investors bidding between ₹2 lakh and ₹10 lakh subscribed 1.26 times, while bids exceeding ₹10 lakh were subscribed 73%. The retail portion was subscribed 76%, receiving bids for 83 lakh shares against 1.09 crore shares on offer. The employee portion was subscribed 75%, and the qualified institutional buyer (QIB) portion saw 40% subscription, with foreign institutional investors accounting for 24.8 lakh bids in this category.
The IPO comprises a fresh issue of shares worth ₹150 crore and an offer for sale of up to 2.7 crore shares valued at ₹1,105.6 crore. Eligible employees bidding under the employee reservation portion are offered a ₹20 per share discount. The subscription levels across categories indicate strong investor interest, particularly from non-institutional investors, which is critical for the company’s public market debut.
The RentoMojo IPO will close on September 11, with subscription trends expected to evolve as bidding continues. The company’s valuation at the upper price band stands at approximately ₹4,206 crore, reflecting investor appetite for the rental platform sector amid growing demand for flexible consumption models.