Rentomojo Limited is set to enter the Indian primary market with its initial public offering (IPO), bringing its technology-driven furniture and appliance rental business to public investors.
The IPO will open for subscription on September 9, 2026, and close on September 11, 2026. The company has fixed a price band of ₹384 to ₹404 per equity share, with a minimum lot size of 37 shares.
At the upper price band, one lot requires an investment of ₹14,948.
For investors following the issue, the important questions are not only how much the IPO gets subscribed, but also where that demand comes from and how the company's rental business is performing.
What Happened
Rentomojo Limited has filed its Red Herring Prospectus (RHP) with the Securities and Exchange Board of India (SEBI).
The company is offering up to 3,10,78,400 equity shares through a combination of a fresh issue and an Offer for Sale (OFS).
The total issue size is approximately ₹1,255.57 crore at the upper price band.
The fresh issue is worth up to ₹150 crore, while the Offer for Sale is worth up to approximately ₹1,105.57 crore.
The equity shares are proposed to be listed on both the NSE and BSE.
Rentomojo IPO: Key Numbers
| Detail | Figure |
|---|---|
| IPO Opening Date | September 9, 2026 |
| IPO Closing Date | September 11, 2026 |
| Price Band | ₹384–₹404 per share |
| Lot Size | 37 shares |
| Minimum Investment | ₹14,948 at upper band |
| Face Value | ₹1 per share |
| Total Issue Size | ₹1,255.57 crore |
| Fresh Issue | ₹150 crore |
| Offer for Sale | ₹1,105.57 crore |
| Total Shares Offered | 3,10,78,400 |
| QIB Reservation | 1,55,13,158 shares |
| NII Reservation | 46,53,948 shares |
| Retail Reservation | 1,08,59,211 shares |
| Employee Reservation | 52,083 shares |
| QIB Subscription | Not available yet |
| NII Subscription | Not available yet |
| Retail Subscription | Not available yet |
| Basis of Allotment | September 15, 2026 |
| Refund / Fund Unblock | September 16, 2026 |
| Share Credit | September 16, 2026 |
| Tentative Listing | September 17, 2026 |
| Listing | NSE and BSE |
As of September 7, 2026, the IPO has not opened for public bidding.
Therefore, official QIB, NII, retail and overall subscription multiples are not available yet.
Why Subscription Data Matters
Subscription data helps investors understand the level of demand an IPO receives from different investor categories.
A subscription multiple compares the number of shares investors have bid for with the number of shares available in that category.
For example, if 100 shares are available and investors bid for 300 shares, that category is subscribed 3 times.
However, a high subscription multiple should not automatically be interpreted as proof that an IPO is attractively valued.
Subscription data is a demand indicator. Investors should also examine the company's financial performance, valuation, business model and risks.
In Simple Words
QIB — Qualified Institutional Buyers
QIBs are eligible institutional investors such as mutual funds, insurance companies and other qualified financial institutions.
The QIB portion of the Rentomojo IPO includes 1,55,13,158 shares, including the portion available to anchor investors.
Institutional demand is closely watched because it reflects participation from professional investors.
NII — Non-Institutional Investors
NIIs are investors who fall outside the retail category.
This segment includes high-net-worth individuals and other eligible non-institutional investors.
The NII category has been allocated 46,53,948 shares.
Retail Individual Investors
Retail investors are individual investors applying within the prescribed retail application limit.
The retail category has been allocated 1,08,59,211 shares.
For Rentomojo, one minimum lot contains 37 shares.
At the upper price band of ₹404, one lot costs ₹14,948.
Subscription Multiple
The subscription multiple is calculated by comparing total shares bid for with the shares available in a particular category.
Shares Bid ÷ Shares Offered = Subscription Multiple
If investors bid for 2 lakh shares against 1 lakh shares available, the category is subscribed 2x.
Rentomojo IPO Subscription Status
The Rentomojo IPO will open for public subscription on September 9, 2026.
As of September 7, there are no official public subscription figures for QIBs, NIIs or retail investors because the bidding window has not opened.
The numbers will begin changing once investors start placing bids.
Investors should monitor the subscription figures during all three days of the IPO rather than relying only on the first-day number.
What to Watch Once the IPO Opens
Once bidding begins, investors can monitor several important indicators.
1. Overall Subscription
The overall subscription figure shows the combined demand across investor categories.
A high overall subscription indicates strong demand, but it does not reveal which category is driving that demand.
2. QIB Demand
QIB demand is an important indicator to watch during the IPO.
Institutional investors can have a significant influence on the final subscription figure, particularly toward the later part of the bidding period.
3. NII Demand
NII demand can move quickly because applications in this category can be much larger than retail applications.
A heavily oversubscribed NII category can make allotment more difficult for investors in this segment.
4. Retail Demand
Retail subscription indicates participation from individual investors.
If the retail category becomes heavily oversubscribed, the probability of receiving an allotment can decline because shares must be distributed among a larger number of eligible applicants.
Rentomojo IPO GMP
The Grey Market Premium, or GMP, is an unofficial indicator of market sentiment toward an upcoming IPO.
As of September 7, 2026, market trackers were reporting a GMP of around ₹149 per share.
At the upper price band of ₹404, a ₹149 GMP would indicate an unofficial implied price of approximately ₹553.
However, this is not an official price target.
The grey market is unofficial and is not regulated by SEBI. GMP can change significantly before the actual listing.
Investors should therefore treat GMP only as a sentiment indicator and not as the primary basis for an investment decision.
What Does Rentomojo Do?
Rentomojo operates a technology-driven, full-stack direct-to-consumer online rental and subscription platform for furniture and appliances in India.
Customers can rent products such as:
- Beds
- Mattresses
- Sofas
- Wardrobes
- Dining furniture
- Washing machines
- Refrigerators
- Televisions
- Air conditioners
- Water purifiers
- Other home appliances
Instead of purchasing these products outright, customers can access them through flexible subscription plans.
The company manages a large part of the asset lifecycle, including procurement, warehousing, delivery, installation, servicing, refurbishment and reverse logistics.
This creates a business model that combines e-commerce, subscription and re-commerce.
Rentomojo's Scale
As of March 31, 2026, Rentomojo had:
- 253,825 live subscribers
- Operations across 29 cities
- 851,184 live items
- 82 experience stores
- 20 warehouses
- Approximately 538,933 square feet of warehousing space
The company recorded an average delivery turnaround time of 2.35 days in FY2026.
Its asset occupancy rate was approximately 83.34% during FY2026.
These metrics are important because Rentomojo's business depends on keeping its rental assets deployed and generating recurring subscription revenue.
How Does Rentomojo Make Money?
Rentomojo primarily generates revenue through rental and subscription payments from customers.
The company owns or controls a large inventory of rental assets and seeks to deploy these assets across multiple customer cycles.
This means an asset can potentially generate revenue for several years through repeated rental deployments.
The company also uses refurbishment and redeployment to extend the useful life of its products.
This asset-lifecycle model is important because purchasing rental inventory requires significant capital.
Higher utilisation can therefore improve the economics of the model.
Rentomojo Financial Performance
Rentomojo has reported strong revenue and profit growth over the last three financial years.
| Financial Year | Revenue from Operations | PAT |
|---|---|---|
| FY2024 | ₹192.70 crore | ₹22.41 crore |
| FY2025 | ₹265.96 crore | ₹43.11 crore |
| FY2026 | ₹386.99 crore | ₹104.30 crore |
Revenue from operations increased from ₹192.70 crore in FY2024 to ₹386.99 crore in FY2026.
That represents strong growth over the two-year period.
Reported PAT also increased from ₹22.41 crore to ₹104.30 crore.
However, investors should look carefully at the FY2026 profit number.
Why FY2026 Profit Needs a Closer Look
Rentomojo's FY2026 reported PAT of ₹104.30 crore included a ₹36.64 crore deferred-tax credit.
Profit before tax was approximately ₹67.66 crore.
This means the entire increase in reported PAT should not be interpreted as operating profit growth.
The deferred-tax credit is an accounting item and does not represent cash collected from customers.
For this reason, investors may also want to examine operating profit, cash flow and adjusted profitability rather than focusing only on the headline PAT number.
Rentomojo EBITDA and Margins
Rentomojo reported FY2026 EBITDA of approximately ₹163.46 crore.
Its EBITDA margin was around 41.48%.
The company reported an EBITDA margin of approximately 43.55% in FY2025 and 39.92% in FY2024.
This indicates that operating profitability has remained relatively strong while the company has expanded.
However, the rental business also requires continued investment in assets, refurbishment and working capital.
Therefore, EBITDA should be considered together with cash flow and capital expenditure requirements.