Rentomojo IPO Day 1: Subscribed 0.53x; QIBs enter with 0.40x bids
- Rentomojo IPO subscription reached 0.53x by end of Day 1 on September 9, 2026.
- QIBs entered with 0.40x subscription, while NII (bHNI) jumped 76.5% to 0.90x.
- Retail demand rose 75.0% to 0.56x, driving total subscription up 130.4%.
- Issue priced at ₹384.00000 - ₹404.00000; closes on September 11, 2026.
*this image is generated using AI for illustrative purposes only.
Rentomojo’s IPO subscription accelerated significantly on Day 1, closing at 0.53x by September 9, 2026. The issue saw a sharp turnaround from its morning levels, driven by fresh entries from Qualified Institutional Buyers (QIBs) and a surge in Non-Institutional Investor (NII) demand.
Subscription Status
The cumulative subscription stood at 0.53x at the end of Day 1. This represents a substantial increase from the earlier snapshot of 0.23x recorded at 11:15 AM. The momentum was primarily fueled by institutional and high-net-worth individual interest picking up pace after midday.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 09-09-2026 | 0.40x | 0.90x | 0.49x | 0.56x | 0.53x |
Intra-day Timeline
Subscription figures ticked up sharply between 11:15 AM and 12:15 PM. QIBs, which were absent in the morning, contributed 0.40x to the total subscription. NII (bHNI) demand jumped from 0.51x to 0.90x, while retail subscriptions rose from 0.32x to 0.56x.
| 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 |
Category-wise Breakdown
Non-Institutional Buyers (NII) remain the dominant force in the issue. Within this segment, big High Net-worth Individuals (bHNI) led the charge with a 0.90x subscription, marking a 76.5% increase from the morning update. Small HNI (sHNI) investors subscribed at 0.49x.
Qualified Institutional Buyers (QIBs) entered the issue with a 0.40x subscription, breaking the initial silence. Retail investors showed strong interest with a 0.56x subscription, up 75.0% from the earlier figure. Employee subscriptions were not explicitly detailed in the latest intraday snapshot but were part of the overall mix.
Offer Details
Rentomojo has priced its IPO in the band of ₹384.00000 to ₹404.00000 per share. The minimum bid quantity is set at 37 shares. The issue size ranges from a minimum of ₹14,208 crore to a maximum of ₹500,000 crore. The IPO opened for subscription on September 9, 2026, and will close on September 11, 2026.
About the Company
Rentomojo operates as a technology-driven, full-stack direct-to-consumer online rental and subscription platform for furniture and appliances in India. It is the largest online rental and subscription platform for home furniture and appliances based on live subscribers and subscription revenue, reporting 253,825 live subscribers across 29 cities as of March 31, 2026. The company utilizes an integrated asset-lifecycle model covering category management, designing, procurement, refurbishment, servicing, reverse logistics, and multi-cycle redeployment.
Financial Highlights
Rentomojo has demonstrated consistent profitability over the last three fiscal years. Revenue from operations grew from ₹192.70 crore in Fiscal 2024 to ₹386.99 crore in Fiscal 2026. Total profit increased from ₹22.41 crore in Fiscal 2024 to ₹104.30 crore in Fiscal 2026.
| Particulars | FY 2024 (₹ crore) | FY 2025 (₹ crore) | FY 2026 (₹ crore) |
|---|---|---|---|
| Revenue from Operations | 192.70 | 265.96 | 386.99 |
| Total Profit | 22.41 | 43.11 | 104.30 |
| Total Assets | 366.19 | 449.87 | 641.12 |
Objects of the Issue
The company plans to utilize the proceeds from the IPO for the following purposes:
- 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, marketing, and growth opportunities.
Risk Factors
Material risks associated with the company include:
- 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.
- Geographic Revenue Concentration: 89.51% of revenue comes from the top 10 cities, exposing the company 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: There are 16 legal proceedings with aggregate claims of ₹23.31 million, including petitions seeking to block the IPO.
- Asset Utilization: Occupancy rates declined from 86.43% in Fiscal 2024 to 83.34% in Fiscal 2026.
Will the late-day surge in QIB and NII demand sustain through the final two days of subscription, or is there a risk of institutional pullback?
How might Rentomojo's negative working capital and low current ratio impact its post-IPO liquidity and operational flexibility despite the fundraising?
Could the 16 ongoing legal proceedings, including petitions to block the IPO, pose a material threat to the listing timeline or share price stability?
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