Rentomojo shares jump 9% after listing at 19% premium over IPO price. Can the debut-day mojo last?
Rentomojo shares surged 9% after a strong debut, taking gains to 30% above the IPO price. The stock listed at a 19% premium and rallied to Rs 526.70 within an hour. While analysts see long-term potential, they have flagged valuation concerns and advised caution after the sharp listing-day gains.
Rentomojo's shares experienced a significant surge of 9% on its debut day, reaching a 30% increase above the IPO price. The stock opened at Rs 482.45 on the NSE, marking a premium of over 19% compared to the IPO price of Rs 404 apiece. In just one hour after its debut, the stock rallied by more than 9%, trading at Rs 526.70 apiece. This remarkable performance added over Rs 460 crore to the company's market capitalization, bringing it close to Rs 5,484 crore.
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