Rentomojo IPO Day 2: Subscribed 2.48x; NII (bHNI) races to 6.38x as retail picks up pace
- Rentomojo IPO subscription reached 2.48x overall on Day 2, up from 1.34x on Day 1, with an 18.7% intraday jump on September 10, 2026.
- NII (bHNI) surged 22.9% during the Day 2 session, from 5.19x to 6.38x, making it the strongest-performing category.
- Retail participation climbed 16.5% intraday to 2.54x, while the Employee category subscribed at 2.56x; QIB edged to 0.42x.
- The IPO is priced at ₹384.00000–₹404.00000 per share with a minimum bid quantity of 37 shares, closing on 2026-09-11.
- Listing is scheduled for 2026-09-17, with allotment expected on 2026-09-15.
*this image is generated using AI for illustrative purposes only.
Rentomojo's IPO crossed 2.48x overall subscription by the close of Day 2 on September 10, 2026, with NII (bHNI) racing ahead 22.9% during the session — from 5.19x at 11:15 to 6.38x by 12:15 — to emerge as the standout category of the day.
Subscription Status
Overall subscription climbed from 1.34x at the end of Day 1 to 2.09x at the morning snapshot on Day 2, before finishing the session at 2.48x — an 18.7% intraday jump. The NII segment continued to drive momentum, while retail participation also picked up pace meaningfully.
| 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 | 0.42x | 6.38x | 4.42x | 2.54x | 2.48x |
Category-wise Breakdown
NII (bHNI) was the standout mover on Day 2, jumping from 5.19x at the morning update to 6.38x by the end of the session — a gain of +1.19x (+22.9%). The sHNI category also held strong, closing at 4.42x. Retail subscribers picked up pace through the day, rising 16.5% from 2.18x to 2.54x. The Employee category subscribed at 2.56x. Qualified Institutional Buyers (QIB) edged marginally higher from 0.41x to 0.42x, reflecting steady but measured institutional participation.
Intra-day Timeline — Day 2 (10-09-2026)
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.41x | 5.19x | 2.18x | 2.09x |
| 12:15 | 0.42x | 6.38x | 2.54x | 2.48x |
Offer Details
| Parameter | Details |
|---|---|
| Price Band | ₹384.00000 – ₹404.00000 |
| Minimum Bid Quantity | 37 shares |
| Issue Size | ₹14,208 lakh – ₹5,00,000 lakh |
| IPO Open Date | 2026-09-09 |
| IPO Close Date | 2026-09-11 |
About the Company
Rentomojo operates a technology-driven, full-stack direct-to-consumer online rental and subscription platform for furniture and appliances in India. The company is the largest online rental and subscription platform for home furniture and appliances based on live subscribers and subscription revenue, with 253,825 live subscribers across 29 cities as of March 31, 2026. It operates through an integrated asset-lifecycle model spanning category management, designing, procurement, refurbishment, servicing, reverse logistics, and multi-cycle redeployment, enabling subscribers to access home essentials through affordable, long-term, and flexible subscription plans. The company was founded in 2012 and is led by CEO Geetansh Bamania.
Financial Highlights
Rentomojo has demonstrated consistent profitability over the last three fiscal years, with revenue from operations growing at a CAGR of 41.71%.
| Particulars | FY2024 (₹ crore) | FY2025 (₹ crore) | FY2026 (₹ crore) |
|---|---|---|---|
| Revenue from Operations | 192.70 | 265.96 | 386.99 |
| Total Revenue | 195.80 | 271.96 | 394.09 |
| Total Expenses | 173.38 | 228.86 | 323.85 |
| Profit Before Tax | 22.41 | 43.11 | 67.66 |
| Total Profit | 22.41 | 43.11 | 104.30 |
| Total Assets | 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: Balance funds
Risk Factors
- Revenue Concentration Risk: 97.90% of revenue comes from furniture and appliance rentals.
- Geographic Revenue Concentration: 89.51% of revenue is derived from the top 10 cities.
- Working Capital and Liquidity Constraints: Negative working capital of ₹911.73 million and current ratio of 0.55 as of March 31, 2026.
- Vendor and Supply Chain Dependencies: Top five suppliers represent 12.18% of total expenses.
- Legal and Regulatory Proceedings: 16 legal proceedings with aggregate claims of ₹23.31 million, including a company petition seeking to block the IPO.
What's Next
The IPO closes on 2026-09-11. Allotment is scheduled for 2026-09-15, and listing is expected on 2026-09-17.
Will the significant disparity between high NII subscription (6.38x) and low QIB interest (0.42x) impact Rentomojo's listing price or initial trading volatility?
How might Rentomojo's negative working capital and low current ratio affect its operational flexibility post-IPO, especially given the use of proceeds for debt repayment?
Given that 97.9% of revenue comes from furniture/appliance rentals, how vulnerable is the company to potential shifts in consumer spending habits or economic downturns?
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