Rentomojo
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 177.29×
- Big non-institutionalbNII · above ₹10 lakh
- 73.16×
- Small non-institutionalsNII · ₹2–10 lakh
- 57.03×
- Retail individualRII · up to ₹2 lakh
- 14.83×
- Employeesreserved quota
- 19.96×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 10 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹157 | +38.86% | ₹4,400 | ₹561 | ₹5,809 |
| 12 Sept 2026 | ₹160 | +39.60% | ₹4,500 | ₹564 | ₹5,920 |
| 11 Sept 2026 | ₹148 | +36.63% | ₹4,200 | ₹552 | ₹5,476 |
| 10 Sept 2026 | ₹135 | +33.42% | ₹3,800 | ₹539 | ₹4,995 |
| 09 Sept 2026 | ₹143 | +35.40% | ₹4,000 | ₹547 | ₹5,291 |
| 08 Sept 2026 | ₹134 | +33.17% | ₹3,800 | ₹538 | ₹4,958 |
| 07 Sept 2026 | ₹125 | +30.94% | ₹3,500 | ₹529 | ₹4,625 |
| 06 Sept 2026 | ₹149 | +36.88% | ₹4,200 | ₹553 | ₹5,513 |
| 05 Sept 2026 | ₹155 | +38.37% | ₹4,400 | ₹559 | ₹5,735 |
| 04 Sept 2026 | ₹79 | +19.55% | ₹2,200 | ₹483 | ₹2,923 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 09 Sept 2026 – 11 Sept 2026
- Listing date
- 17 Sept 2026
- Face value
- ₹1 per share
- Price band
- ₹384 – ₹404
- Lot size
- 37 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,256 Cr
- Fresh issue
- ₹150 Cr 37,15,449 shares
- Offer for sale
- ₹1,106 Cr 2,73,65,529 shares
- Market cap at offer price
- ₹4,246 Cr
- Promoter holding
- 21.49% → 19.94% pre-issue → post-issue
- ISIN
- INE08T701025
- CIN
- U72200KA2012PLC063551
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- Second Floor, B Block, BHIVE Workspace no. 112, AKR Tech Park "A" and 7th Mile, Hosur Road, Krishna Reddy Industrial Area, Bommanahalli, Bangalore – 560 068, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 62,05,779 | 28.57% | 28.50% |
| Anchor investor · within QIB | 93,08,667 | — | 42.75% |
| NII (HNI) | 46,54,335 | 21.43% | 21.38% |
| bNII > ₹10L · within NII | 31,02,890 | — | 14.25% |
| sNII < ₹10L · within NII | 15,51,445 | — | 7.13% |
| Retail (RII) | 1,08,60,114 | 50.00% | 49.88% |
| Employee | 52,083 | — | 0.24% |
| Market maker | 0 | — | 0.00% |
| Total issue | 2,17,72,311 | — | 100.00% |
Net offer to the public of 2,17,20,228 shares, out of a total issue of 2,17,72,311. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 37 shares per lot, in multiples, at ₹404
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 37 | ₹14,948 |
| Retail (max) | 13 | 481 | ₹1,94,324 |
| S-HNI (min) | 14 | 518 | ₹2,09,272 |
| S-HNI (max) | 66 | 2,442 | ₹9,86,568 |
| B-HNI (min) | 67 | 2,479 | ₹10,01,516 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹404 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.29 | 9.92 |
| P/E (×) | 39.26 | 40.73 |
| Price to book (×) | 22.68 | — |
| Market cap | — | ₹4,246 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 26.67%
- ROCE
- 22.00%
- Debt / equity
- 0.84
- PAT margin
- 16.21%
- EBITDA margin
- 43.55%
- NAV per share
- ₹17.81
- Price to book
- 22.68
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 394.09 | 271.96 | 195.8 |
| Revenue from operations | 386.99 | 265.96 | 192.7 |
| Other income | 7.1 | 6 | 3.1 |
| Total expenses | 323.85 | 228.86 | 173.38 |
| Operating profit | 70.24 | 43.1 | 22.42 |
| Operating margin | 17.82% | 15.85% | 11.45% |
| Profit before tax | 67.66 | 43.11 | 22.41 |
| Profit after tax | 104.3 | 43.11 | 22.41 |
| PAT margin | 26.47% | 15.85% | 11.45% |
| Balance sheet | |||
| Total assets | 641.12 | 449.87 | 366.19 |
| Current assets | 110.81 | 84.78 | 102.34 |
| Current liabilities | 201.99 | 160.99 | 135.65 |
| Total liabilities | 345.31 | 266.26 | 226.59 |
| Net worth | 295.81 | 183.61 | 139.6 |
| Current ratio | 0.55× | 0.53× | 0.75× |
| Return on equity | 35.26% | 23.48% | 16.05% |
| Cash flow | |||
| Operating cash flow | 172.87 | 115.55 | 91.57 |
| Investing cash flow | -158.34 | -111.31 | -184.11 |
| Financing cash flow | -4.2 | -34.68 | 113.1 |
| Net cash flow | 10.34 | -30.45 | 20.56 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/prepayment of certain outstanding borrowings and accrued interest ₹70 Cr
The company proposes to utilize funds towards repayment/prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon to reduce outstanding indebtedness, maintain favorable debt-equity ratio, and reduce interest outflow.
2 Payment of lease rental/license fee for warehouses and experience stores ₹42.5 Cr
The company expects to utilize funds towards payment of lease/rental/license fee for certain premises including warehouses and experience stores based on valid existing lease agreements and leave and license agreements.
3 General corporate purposes —
The company intends to deploy the balance funds towards general corporate purposes including operating expenses, transportation expenses, employee related expenses, marketing activities, organic and inorganic growth opportunities, and other business requirements.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Rentomojo
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. The company 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.
Management
Geetansh Bamania
CEO
Ketan Krishna
COO
Prashanth Prakash
Director
Dr. Niddodi Subrao Rajan
Director
Deepali Nair
Director
Dr. Sandesh Madhukar Kirkire
Director
Hakim Fakhruddin Ujjainwala
CFO
Deepika N Bhandiwad
Director of HR
Prabhat Verma
CTO
Akash Jangid
Director of Operations
Rohan Ajeet Kulkarni
VP of Sales
Strengths
As stated in the offer document
Consistently profitable D2C player with predictable recurring revenues
The company is one of the few Indian D2C product commerce brands to have demonstrated consistent profitability over the last three Fiscals, with revenue from operations CAGR of 41.71% and adjusted ROCE of 25.34%, 25.14% and 31.47% in Fiscals 2026, 2025 and 2024 respectively.
Leading furniture and appliance rental platform with scale advantages
The company commands approximately 42%-47% market share in terms of subscription revenue in Fiscal 2025 and accounts for more than half (50%-55%) of live subscribers in the overall home furniture and appliances rental market as of March 31, 2025.
Integrated multi-stack business model driving self-reinforcing flywheel
The company operates a unique business model at the intersection of e-commerce, subscription, and re-commerce, comprising 11 distinct consumer touchpoints across subscription lifecycle - far higher than 3-5 touchpoints typical of most D2C platforms.
Proven track record of extended reuse and consistent cohort returns
The company's cohorts from Fiscal 2017 and 2018 have generated 5.12x and 4.49x revenue multiples respectively on original asset cost, with 56.12% and 60.92% still generating revenue, demonstrating effective useful life beyond 10 years.
Proprietary technology stack enabling end-to-end operational integration
The company operates proprietary ticketing technology 'Mojodesk' and routing engine 'MojoVaahan' that is unique and first-of-its-kind among leading home furniture and appliance rental platforms in India, enabling precise coordination of millions of asset movements.
Founder-led company with professional management and marquee shareholders
The company is led by founder Geetansh Bamania with over 14 years of experience and supported by marquee institutional investors including Accel India IV (20.92%), ValueQuest S.C.A.L.E. Fund (8.92%), and Edelweiss Discovery Fund (10.53%).
Risk factors
As stated in the offer document
Revenue Concentration Risk
The company derives 97.90% of its revenue from furniture and appliance rentals, making it highly vulnerable to demand fluctuations in this single business line. Any decline in rental demand could severely impact business operations and financial performance.
Vendor and Supply Chain Dependencies
The company depends on vendors for high-quality products and third-party manufacturers for private label items, with top five suppliers representing 12.18% of total expenses. Supply disruptions, quality issues, or vendor failures could significantly affect the company's ability to serve subscribers.
Subscriber Growth and Retention Risk
Business growth depends on expanding subscriber base (253,825 live subscribers as of March 31, 2026) and maintaining high service levels. The company received 1,976 complaints in Fiscal 2026, and inability to retain subscribers could reduce revenue visibility and lifetime value.
Geographic Revenue Concentration
The company derives 89.51% of revenue from top 10 cities, creating significant exposure to local market conditions. Adverse developments in key metropolitan markets could disproportionately impact business performance.
Warehouse and Asset Management Risks
The company experienced a fire at its Noida warehouse in June 2026 resulting in ₹110.20 million losses. Operational disruptions at storage facilities could cause asset damage, service delays, and temporary suspension of operations.
Legal and Regulatory Proceedings
The company faces 16 legal proceedings with aggregate claims of ₹23.31 million, including a significant company petition seeking to block the IPO. Adverse outcomes could affect business continuity and reputation.
Technology Platform Dependencies
The company relies heavily on technology platforms for operations including credit assessment, route optimization, and subscriber management. Technology failures or cyber security breaches could disrupt operations and damage reputation.
Working Capital and Liquidity Constraints
The company has negative working capital of ₹911.73 million and current ratio of 0.55 as of March 31, 2026. This liquidity position may affect the company's ability to meet short-term obligations and fund operations.
Financing and Debt Service Obligations
The company has total outstanding borrowings of ₹2,583.34 million as of June 30, 2026, with past instances of payment delays. Inability to service debt or obtain financing could adversely affect business operations and growth.
Asset Utilization and Occupancy Rate Risks
The company's occupancy rate declined from 86.43% in Fiscal 2024 to 83.34% in Fiscal 2026. Lower occupancy rates directly impact return on capital employed and operating cash flows, affecting overall profitability.