RentoMojo IPO Subscribed 2.82X On Day 2 So Far, NII Portion Booked 6.13X

Furniture and appliance rental startup RentoMojo's IPO experienced strong demand on the second day of bidding. Subscribers placed bids for 6.14 crore shares, compared to the 2.18 crore shares on offer. Non-Institutional Investors (NIIs) were the leading demand force, with their portion subscribed an impressive 6.13 times. The NII category received bids for 2.85 crore shares against 46.54 lakh shares reserved for it.

Within the NII category, those bidding over ₹10 lakh saw their portion subscribed 5.46 times, receiving bids for 1.69 crore shares against 31.03 lakh shares on offer. The ₹2 lakh to ₹10 lakh range saw subscriptions 7.48 times, with bids for 1.16 crore shares against 15.51 lakh shares reserved. Retail investors' portion was subscribed 2.77 times, with bids for 3.01 crore shares against 1.09 crore shares reserved.

Employee subscriptions stood at 2.67 times, getting bids for 1.39 lakh shares against 52,083 shares reserved. Qualified Institutional Buyers (QIBs) had a 0.42 times subscription, receiving bids for 26.16 lakh shares against 62.06 lakh shares on offer. Foreign institutional investors contributed 24.80 lakh of the shares bid for in the QIB category.

On the first day of bidding, the IPO saw a 1.42 times subscription. RentoMojo's IPO opened for subscription yesterday and will close tomorrow. The company aims to raise around ₹1,255.57 crore through the public issue, valuing it at around ₹4,206 crore at the upper price band. The IPO comprises a fresh issue of ₹150 crore and an offer for sale (OFS) of up to 2.7 crore shares.

Ahead of the IPO, RentoMojo raised nearly ₹376.1 crore from anchor investors. The IPO proceeds will be used for debt repayment, rental payments, and general corporate purposes. The OFS will see investors like Accel, Chiratae Ventures, Edelweiss Mutual Fund, and GMO Venture offload their shares. Co-founder Geetansh Bamania plans to sell up to 8.5 lakh shares as part of the issue.