Furniture and appliance rental startup RentoMojo made a strong stock market debut, with its shares listing at a premium of nearly 19% over the IPO issue price on the NSE. The stock opened at ₹482.45 against an issue price of ₹404, marking a 19.42% premium. On the BSE, shares opened at ₹480, up 18.81% from the issue price. The company’s market capitalization stood at ₹5,205.74 crore ($543 million), about 30% higher than the valuation sought at the upper end of its IPO price band.
RentoMojo’s ₹1,256 crore IPO saw robust demand, closing with an overall subscription of 72.88 times, according to inc42.com. Prior to the public issue, the startup raised ₹376.1 crore from 41 anchor investors by allotting 93.1 lakh shares at ₹404 apiece. The public issue comprised a fresh issue worth ₹150 crore and an offer for sale (OFS) of up to 2.74 crore shares worth ₹1,105.6 crore. Early investors saw sizeable cash-outs through the OFS, with Accel India selling 78.47 lakh shares for around ₹317 crore, realizing an 8.6X gross return.
The listing performance highlights strong investor confidence in RentoMojo’s business model amid a growing rental market in India. Cofounder and CEO Geetansh Bamania sold 8.49 lakh shares for ₹34.31 crore, while other early investors such as Rajeev Chitrabhanu HUF and Nazara Technologies founder Nitish Mittersain recorded gross returns of 265.97X and 152.45X respectively. The IPO valuation and listing gains position RentoMojo among notable recent market debuts in the consumer rental segment.
At 10:10 IST on listing day, RentoMojo shares touched a high of ₹500 on the BSE, up 23.76% over the issue price and 4.15% from the BSE opening price, reflecting strong market momentum. The company’s market capitalization at this price was ₹5,205.74 crore, underscoring investor appetite for the startup’s growth story.