Rentomojo IPO Day 1: Subscribed 1.34x; NII bHNI surges 486%
- Rentomojo IPO subscribed 1.34x on Day 1
- NII (bHNI) demand surged 486.3% to 2.99x
- Retail subscriptions jumped 362.5% to 1.48x
- QIBs contributed 0.41x; Employees at 1.69x
- Issue closes on September 11, 2026
*this image is generated using AI for illustrative purposes only.
Rentomojo IPO subscription reached 55.11 times on Day 3, driven by a massive surge in Qualified Institutional Buyer (QIB) demand to 133.61 times. Non-Institutional Buyers (bHNI) subscribed 42.87 times, while Retail demand rose to 9.58 times.
Subscription Status
The Rentomojo IPO saw explosive growth on its final day of bidding. On Day 1, the issue was subscribed 1.34 times. By Day 2, the multiple rose to 4.33 times. On Day 3, momentum accelerated sharply, with the cumulative subscription reaching 55.11 times by the close.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 09-09-2026 | 0.41x | 2.99x | 1.89x | 1.48x | 1.34x |
| Day 2 | 10-09-2026 | 0.44x | 12.01x | 9.52x | 3.97x | 4.33x |
| Day 3 | 11-09-2026 | 133.61x | 42.87x | 64.24x | 9.58x | 55.11x |
Category-wise Breakdown
Qualified Institutional Buyers (QIB) delivered the strongest performance, jumping from 0.47x at open to 133.61x at close, a surge of 28327.7%. Non-Institutional Buyers (bHNI) also showed strong interest, subscribing 42.87 times, up 103.7% from the morning figure. Small HNI investors (sHNI) subscribed 64.24 times. Retail investors increased their participation by 52.3%, ending at 9.58 times. Employee quota stands at 15.83 times.
Intra-day Timeline
Subscription figures ticked up sharply between 11:15 AM and 5:15 PM. QIBs, which were absent in the morning, contributed 0.41x to the total subscription. NII (bHNI) demand jumped from 0.51x to 2.99x, while retail subscriptions rose from 0.32x to 1.48x.
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.51x | 0.32x | 0.23x |
| 12:15 | 0.40x | 0.90x | 0.56x | 0.53x |
| 13:15 | 0.40x | 1.28x | 0.77x | 0.70x |
| 14:15 | 0.40x | 1.68x | 0.98x | 0.86x |
| 15:15 | 0.41x | 2.05x | 1.15x | 1.01x |
| 16:15 | 0.41x | 2.77x | 1.38x | 1.26x |
| 17:15 | 0.41x | 2.99x | 1.48x | 1.34x |
Offer Details
- Price Band: ₹384.00000 - ₹404.00000
- Issue Size: ₹14208 crore - ₹500000 crore
- Min Bid Qty: 37 shares
- Open Date: 2026-09-09
- Close Date: 2026-09-11
What's Next
The Rentomojo IPO closes on 2026-09-11. Allotment is scheduled for 2026-09-15, and listing is expected on 2026-09-17.
About the Company
Rentomojo operates a technology-driven, full-stack direct-to-consumer online rental and subscription platform for furniture and appliances in India. Founded in 2012, it is the largest online rental platform for home furniture and appliances based on live subscribers and subscription revenue. As of March 31, 2026, the company reported 253,825 live subscribers across 29 cities. Led by CEO Geetansh Bamania, Rentomojo utilizes an integrated asset-lifecycle model spanning procurement, refurbishment, and multi-cycle redeployment.
Financial Highlights
Rentomojo has demonstrated consistent profitability over the last three fiscals. Revenue from operations grew from ₹192.70 crore in FY2024 to ₹386.99 crore in FY2026.
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ crore) | 192.70 | 265.96 | 386.99 |
| Total Profit (₹ crore) | 22.41 | 43.11 | 104.30 |
| Total Assets (₹ crore) | 366.19 | 449.87 | 641.12 |
Objects of the Issue
- Repayment/prepayment of certain outstanding borrowings and accrued interest: ₹70.00 crore
- Payment of lease rental/license fee for warehouses and experience stores: ₹42.50 crore
- General corporate purposes including operating expenses and growth opportunities: Balance funds
Risk Factors
- Revenue Concentration Risk: 97.90% of revenue is derived from furniture and appliance rentals, making the business vulnerable to demand fluctuations in this single line.
- Vendor Dependencies: Top five suppliers represent 12.18% of total expenses; supply disruptions could impact service delivery.
- Geographic Concentration: 89.51% of revenue comes from the top 10 cities, creating exposure to local market conditions.
- Working Capital Constraints: The company reported negative working capital of ₹911.73 million and a current ratio of 0.55 as of March 31, 2026.
- Legal Proceedings: The company faces 16 legal proceedings with aggregate claims of ₹23.31 million.
How might Rentomojo's negative working capital and low current ratio impact its operational agility post-IPO, despite the infusion of capital?
Given the 97.9% revenue concentration in furniture and appliance rentals, what specific diversification strategies will the company deploy to mitigate single-line demand risks?
With occupancy rates declining from 86.43% to 83.34% over two years, how does management plan to reverse this trend amidst increasing competition in the rental sector?
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