Minerva Capital Research Solutions

Rentomojo

ListedListed 17 Sep 2026MainboardNSE: RENTOMOJOCheck allotment
Current price₹ 544.35+34.74% since issue
Listing day+19.42%
Issue price
₹ 404
Issue size
₹ 1,255.57 Cr.
Min. investment
₹ 14,948
Listing price
₹ 482.45
Subscribed
72.88x
Lot size
37 shares
P/E
40.73
RoNW
43.51%
RoCE
25.34%
Debt / Equity
0.63
PAT margin
26.95%
EBITDA margin
41.48%
RoE
43.51%
EPS
₹ 9.92
NAV
₹ 28.65
Promoter stake
19.94%

About

Rentomojo Limited was started in April 2012. It runs an online platform where people rent home furniture and appliances on a monthly subscription instead of buying them. The customer can rent, return, upgrade or shift the product to a new city without paying a large amount upfront or being stuck with ownership. Its range covers everyday home items such as beds, mattresses, washing machines, refrigerators, wardrobes, sofas, televisions and water purifiers. As on 31 March 2026 it had 851,184 items live with customers. The company handles the whole life of the asset itself, covering what to stock, product design, buying, refurbishing, servicing, taking the item back and putting it out again to the next customer. Because one item can be rented out over several cycles, this model decides how well the money invested in assets is recovered. It sells both online and through 82 experience stores across India. As on 31 March 2026 it had 253,825 live subscribers across 29 cities and ran 20 warehouses covering 538,933 square feet. In FY2026 its average delivery time was 2.35 days and its occupancy rate was 83.34%.

Timeline

  1. Opens
    9 Sep
    done
  2. Closes
    11 Sep
    done
  3. Allotment
    15 Sep
    done
  4. Refunds
    16 Sep
    done
  5. Demat credit
    16 Sep
    done
  6. Listing
    17 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 160 on 12 Sep 2026
Lowest
₹ 79 on 4 Sep 2026
First quoted
₹ 79 on 4 Sep 2026

Subscription

How many times each investor group bid for its share, as of 17 Sep 2026, 06:31 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)137₹ 14,948
Retail (Max)13481₹ 1,94,324
S-HNI (Min)14518₹ 2,09,272
B-HNI (Min)672,479₹ 10,01,516

Company overview

Financials

Financials by year
Assets641.12449.87366.2
Total Income394.09271.96195.8
Profit After Tax104.343.1122.41
EBITDA163.46118.4478.15
NET Worth295.81183.61139.61
Reserves and Surplus291.71182.94138.94
Total Borrowing187.59154.58147.22

Strengths

  • Profit has grown very fast, from Rs 22.41 crore in FY2024 to Rs 43.11 crore in FY2025 and Rs 104.30 crore in FY2026.
  • Sales have doubled in two years, from Rs 195.80 crore in FY2024 to Rs 394.09 crore in FY2026, a rise of 45% in the last year.
  • EBITDA more than doubled over the same period, from Rs 78.15 crore to Rs 163.46 crore.
  • Return ratios are good, with RoCE of 25.14% and RoNW of 26.67%, and a PAT margin of 16.21%.
  • The subscriber base is large and spread out, at 253,825 live subscribers across 29 cities as on 31 March 2026.
  • The company handles the full life of the asset itself, from buying and refurbishing to putting the item out again, so one item can earn over several rental cycles.
  • Its occupancy rate was 83.34% in FY2026, which means most of the assets it owns were actually out on rent and earning.
  • It has real infrastructure behind the service, with 82 experience stores, 20 warehouses of 538,933 square feet and an average delivery time of 2.35 days.

Risks

  • The issue is priced high on earnings. At the upper band of Rs 404 the P/E is about 40.73 times on an EPS of Rs 9.92.
  • There is no dominant promoter. Promoter holding is only 21.49% before the issue and falls to 19.94% after it, and the promoter names are not stated in the data available to us.
  • This is a capital heavy business despite being called a platform. Furniture and appliances have to be bought upfront and the money comes back slowly over many rental cycles.
  • Everything depends on occupancy. The 83.34% occupancy rate is what makes the model work, and a fall in it would hit returns quickly because the asset cost is already sunk.
  • Borrowing has gone up every year, from Rs 147.22 crore in FY2024 to Rs 187.59 crore in FY2026.
  • Rs 42.50 crore of the issue money goes towards lease rent and licence fees for warehouses and stores. That is a running cost, not an asset the company will own.
  • Rented items come back used. Damage, repair and the fall in value of older stock are permanent costs in this business.
  • Competition comes from cheap online buying options and from other rental platforms, and customers can simply choose to buy instead of rent.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

What the money is for

Objects of the issue
Repayment/ prepayment, in full or in part, of certain outstanding borrowings and accrued interest thereon availed by our Company70
Payment of lease rental/ license fee for our warehouses and experience stores42.5
General corporate purposes—

Promoters

Promoter holding21.49%→19.94%before → after the issue · down 1.55 points

Anchor investors

41 anchors put in ₹ 376.05 Cr., including 30 mutual funds.

Anchor investors
KOTAK ELSS TAX SAVER FUND4,32,04917.454.64%
KOTAK SERVICES FUND1,35,0135.451.45%
KOTAK TECHNOLOGY FUND1,75,5287.091.89%
ICICI PRUDENTIAL QUALITY FUND4,95,060205.32%
ISIF ACTIVE ASSET ALLOCATOR LONG-SHORT FUND2,47,530102.66%
HDFC INNOVATION FUND1,98,02482.13%
HDFC CONSUMPTION FUND2,22,77792.39%
HDFC BUSINESS CYCLE FUND1,98,02482.13%
GOLDMAN SACHS FUNDS-GOLDMAN SACHS INDIA EQUITY PORTFOLIO6,18,825256.65%
INDIA FUND INC.,THE6,18,825256.65%
ADITYA BIRLA SUN LIFE BAL BHAVISHYA YOJNA2,97,036123.19%
ADITYA BIRLA SUN LIFE SPECIAL OPPORTUNITIES FUND1,48,51861.6%
APEX HYBRID LONG-SHORT FUND24,75310.27%
APEX EQUITY EX-TOP 100 LONG-SHORT FUND24,75310.27%
MIRAE ASSET GREAT CONSUMER FUND4,95,060205.32%
BANDHAN INNOVATION FUND3,71,295153.99%
EDELWEISS LARGE CAP FUND1,23,76551.33%
EDELWEISS RECENTLY LISTED IPO FUND61,9012.50.66%
EDELWEISS BUSINESS CYCLE FUND1,85,6297.51.99%
HSBC CONSUMPTION FUND3,71,295153.99%
INVESCO INDIA CONSUMPTION FUND1,32,5345.351.42%
INVESCO INDIA FLEXI CAP FUND2,65,03110.712.85%
MOTILAL OSWAL LARGE CAP FUND2,97,036123.19%
MOTILAL OSWAL INFRASTRUCTURE FUND74,25930.8%
HDFC STANDARD LIFE INSURANCE CO.LTD.3,21,789133.46%
HELIOS MID CAP FUND1,80,1537.281.94%
HELIOS SMALL CAP FUND1,41,6365.721.52%
ICICI PRUDENTIAL LIFE INSURANCE CO.LTD.3,21,789133.46%
HORNBILL ORCHID INDIA FUND2,72,283112.93%
ADITYA BIRLA HEALTH INSURANCE CO.LTD.2,47,530102.66%
BAJAJ LIFE INSURANCE LTD.2,47,530102.66%
BAJAJ FINSERV CONSUMPTION FUND2,47,530102.66%
PGIM INDIA MULTI CAP FUND51,2452.070.55%
PGIM INDIA SMALL CAP FUND1,96,2857.932.11%
HSBC INDIAN EQUITY MOTHER FUND1,23,76551.33%
HSBC GLOBAL INVESTMENT FUNDS-INDIAN EQUITY1,23,76551.33%
THELEME INDIA MASTER FUND LTD.2,47,530102.66%
EDELWEISS LIFE INSURANCE CO.LTD.1,23,78751.33%
ITI FLEXI CAP FUND1,23,76551.33%
JM FOCUSED FUND61,8642.50.66%
JM MULTI ASSET ALLOCATION FUND61,9012.50.66%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 1 a share
Registrar
KFin Technologies Limited
Lead managers
Axis Capital, Motilal Oswal Investment Advisors, IIFL Capital Services Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.