Furniture rental startup RentoMojo closed its IPO on September 11 with a remarkable 72.88 times overall subscription, raising ₹1,256 crore. The issue attracted bids for 158.7 crore equity shares against 217.7 crore shares on offer, with retail investors subscribing 15.59 times. The IPO opened on September 9 and saw strong demand despite a crowded calendar of six mainboard IPOs launching simultaneously, according to inc42.com.
The strong subscription was led by a robust response from qualified institutional buyers (QIBs), signaling high confidence in RentoMojo’s business model. The frenzy extended beyond the primary market, with shares commanding a 37% premium in the grey market on the final day of subscription. This surge in demand occurred even as other IPOs launched on the same day attracted comparatively muted interest, highlighting RentoMojo’s standout appeal among investors, inc42.com reported.
RentoMojo’s successful IPO reflects a broader trend of steady capital inflows into mutual funds and a shift of investor focus from secondary markets to primary offerings in India. This trend is supported by foreign portfolio investors (FPIs) increasingly allocating funds to new listings. The company’s strong subscription numbers come amid a series of blockbuster IPOs in the Indian startup ecosystem, including Shiprocket and ESDS, which have also seen significant post-listing gains, according to inc42.com.
The grey market premium and subscription figures position RentoMojo for a potentially strong market debut. The company’s listing is set to be closely watched as a test of sustained investor appetite for startup IPOs in India’s competitive market. The final subscription data was confirmed on September 11, marking a key milestone for RentoMojo’s public market entry, inc42.com stated.