Rentomojo Limited IPO — the disclosed details
Closed
Rentomojo Limited's mainboard IPO combines a fresh issue of up to ₹150 crore with an offer for sale of up to 2.74 crore equity shares by 18 selling shareholders, opening 9 September 2026 on the BSE and NSE.
This issue's bidding window has closed. What follows is the record of what was disclosed while the offer was open. It is not updated after the close, and it is not a view on the company or on how the shares have traded since.
Rentomojo Limited has filed its Red Herring Prospectus (RHP) for a mainboard initial public offering on the BSE and NSE, with the Bid/Offer opening on Wednesday, 9 September 2026. This page restates what the company has filed — its business, its financials, why it is raising money, the RHP’s own stated risk factors, and exactly which shares are free to change hands on listing day — using only the figures in the filed documents. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What the company does
Rentomojo Limited (CIN U72200KA2012PLC063551) runs a technology-driven, full-stack direct-to-consumer online rental and subscription platform for furniture and appliances across India. It was incorporated on 16 April 2012 as Edunetwork Private Limited, renamed Rentomojo Private Limited by board and shareholder resolutions passed in 2025, and converted into a public limited company under a fresh certificate of incorporation dated 3 February 2026.
The RHP states, citing a company-commissioned Redseer industry report, that Rentomojo is the largest such platform by live subscribers as of 31 March 2025 and 30 September 2025, and by subscription revenue in Fiscal 2025. The RHP separately confirms that Redseer prepared this report independently of the company, though the company paid for it.
As of 31 March 2026, the company served 253,825 live subscribers spread across 29 cities in India, and separately operated 82 experience stores across 17 of those cities. It held 851,184 live rental items on its platform, drawn from brands including Haier, Wakefit, Livpure and Duroflex, plus private-label products made with manufacturing partners such as Dixon Technologies. Occupancy — the RHP’s measure of how much of its rental inventory is in active use — stood at 83.34% in Fiscal 2026, 82.82% in Fiscal 2025 and 86.43% in Fiscal 2024.
Geetansh Bamania (born 24 December 1987) is the company’s sole Promoter, and also serves as Chairperson, Managing Director and Chief Executive Officer. He is the company’s original promoter; the RHP states there has been no change in the control of the company in the five years preceding the RHP.
What the money is for
The Offer totals approximately ₹1,255.6 crore at the as-reported price-band cap, in two parts: a Fresh Issue of up to ₹150.00 crore (₹1,500.00 million), and an Offer for Sale of up to 27,365,529 Equity Shares by 18 Selling Shareholders (approximately ₹1,105.6 crore as reported at that cap). Only the Fresh Issue proceeds go to the company, net of Offer expenses — the Offer for Sale money goes to those selling shareholders, not to the company — and because the RHP fixes the Fresh Issue in rupees and the Offer for Sale in shares, the combined total firms up only once the Offer Price is set. The RHP states three Objects for the Fresh Issue proceeds:
| Object of the fresh issue | Amount, as filed |
|---|---|
| Repayment/prepayment, in full or part, of certain outstanding borrowings and accrued interest | ₹700.00 million |
| Payment of lease rental/licence fee for the company’s warehouses and experience stores (“Premises”) | ₹425.00 million |
| General corporate purposes | [●] — left blank pending Offer Price finalisation; capped at not exceeding 25% of the Fresh Issue’s Gross Proceeds, i.e. up to ₹375.00 million |
The lease-rental Object is scheduled as ₹168.10 million in Fiscal 2027, ₹177.60 million in Fiscal 2028 and ₹79.30 million in Fiscal 2029, against a base of 20 warehouses and 82 experience stores as of 31 March 2026.
The 18 Selling Shareholders and their Offer for Sale allotments, as filed:
| Selling shareholder | Category | Shares offered in the OFS |
|---|---|---|
| Geetansh Bamania | Promoter Selling Shareholder | 849,175 |
| Accel India IV (Mauritius) Limited | Investor Selling Shareholder | 7,846,951 |
| Edelweiss Discovery Fund-Series I | Investor Selling Shareholder | 2,882,794 |
| IDG Ventures India Fund III LLC | Investor Selling Shareholder | 2,803,431 |
| ValueQuest S.C.A.L.E. Fund | Investor Selling Shareholder | 2,713,418 |
| Madison India Opportunities V VCC | Investor Selling Shareholder | 2,398,550 |
| Chiratae Trust (acting through Naigama Investment Manager LLP) | Investor Selling Shareholder | 2,002,019 |
| GMO Payment Gateway Inc | Investor Selling Shareholder | 1,512,800 |
| GMO GFF Limited Partnership | Investor Selling Shareholder | 842,174 |
| MSIVC 2018V Venture Capital Investment Limited Partnership | Investor Selling Shareholder | 753,647 |
| Pratithi Investment Trust (acting through trustee S. Gopalakrishnan) | Investor Selling Shareholder | 719,315 |
| Rajeev Chitrabhanu HUF | Investor Selling Shareholder | 307,000 |
| VCATs Management Services Trust-II | Investor Selling Shareholder | 76,260 |
| Renaud Laplanche | Individual Selling Shareholder | 755,405 |
| Gaurav Bamania | Individual Selling Shareholder | 400,000 |
| Gautam Dalmia | Individual Selling Shareholder | 254,130 |
| Nitish Mittersain | Individual Selling Shareholder | 148,460 |
| Subodh Shinkar | Individual Selling Shareholder | 100,000 |
| Total | 18 Selling Shareholders | 27,365,529 |
What the RHP flags as risks
These are drawn from the RHP’s own “Risk Factors” chapter, restated here as filed:
- Revenue is concentrated in furniture-and-appliance rental subscriptions. These accounted for 98.19% of revenue from operations in Fiscal 2024, 98.20% in Fiscal 2025 and 97.90% in Fiscal 2026; the RHP states any fall in demand for renting these products could adversely affect the business, results of operations, financial condition and cash flows.
- Growth depends on continuing to add and retain subscribers. Live subscribers grew from 149,498 in Fiscal 2024 to 194,262 in Fiscal 2025 to 253,825 in Fiscal 2026, with repeat-order rates of 47.31%, 46.55% and 50.41% respectively; the RHP states it cannot assure these growth or retention trends will continue.
- Retained earnings stayed negative through the last three fiscals despite revenue and profit growth. Restated retained earnings were ₹(2,694.33) million in Fiscal 2024, ₹(2,263.62) million in Fiscal 2025 and ₹(1,217.01) million in Fiscal 2026, carried from historical scale-up losses, even as net worth stayed positive throughout on past equity and share-premium infusions; the RHP notes historical performance may not indicate future results.
- Revenue is concentrated in a handful of tier-1 cities. The top 10 cities, led by Bengaluru, Mumbai and Hyderabad, generated 87.48% of Fiscal 2024 revenue from operations, 94.45% of Fiscal 2025 revenue and 89.51% of Fiscal 2026 revenue; adverse local demand, competitive or regulatory developments could disproportionately affect results.
- A warehouse fire on 10 June 2026 damaged stored assets and is now in a dispute over indemnification. The fire, at the company’s Dhoom Manikpur warehouse in Dadri, Noida, Gautam Buddha Nagar, Uttar Pradesh, caused losses of about ₹110.20 million; the sub-lessor has disputed the company’s force-majeure claim and sent a legal notice, dated 15 June 2026, seeking indemnification, with no litigation filed by either side as of the RHP date.
- The company, its Promoter and certain Directors face outstanding legal and regulatory proceedings. These include a Section 241-244/246 company-law petition before the NCLT, Bengaluru Bench, and a Bengaluru police FIR — both brought by a former director, Ajay Nain, alleging an unlawful loss of about ₹372.50 million tied to his 2023 sale of 2,223 shares to the RM Employee Benefit Trust. The company and Promoter dispute the allegations and obtained a Karnataka High Court interim stay, dated 17 July 2026, of the FIR investigation; both matters remain pending.
The numbers as filed
| Item | As filed |
|---|---|
| Issue size, combined (as reported, at the price-band cap) | Approximately ₹1,255.6 crore |
| Fresh Issue | Up to ₹150.00 crore (₹1,500.00 million); share count not disclosed by the RHP |
| Offer for Sale | Up to 27,365,529 Equity Shares (₹ value not stated by the RHP; approximately ₹1,105.6 crore as reported at the cap price) |
| Face value | ₹1 (Re.1) per Equity Share |
| Price band (as reported) | ₹384 to ₹404 per Equity Share |
| Lot size (as reported) | 37 Equity Shares |
| Minimum investment, retail, one lot at the cap (as reported/derived) | ₹14,948 |
The RHP itself leaves the Price Band, lot size and minimum bid lot blank (shown as “[●]”), pending a separate statutory advertisement due at least two working days before the Bid/Offer opens. The price band, lot size and minimum-investment figures above are marked “(as reported)” because they come from five independent secondary sources — PNI News, Inc42, Free Press Journal, SME Street and Daily Excelsior — and were not found on any primary, exchange, or Book Running Lead Manager-hosted document.
| Fiscal Year | Revenue from operations | Restated PAT | PAT margin | Net worth |
|---|---|---|---|---|
| FY2024 | ₹1,927.01 million | ₹224.12 million | 11.63% | ₹1,396.05 million |
| FY2025 | ₹2,659.59 million | ₹431.06 million | 16.21% | ₹1,836.10 million |
| FY2026 | ₹3,869.88 million | ₹1,042.99 million | 26.95% | ₹2,958.07 million |
Revenue from operations grew at a 41.71% CAGR across these three fiscals, the RHP’s own labelled figure. Fiscal 2026’s restated profit before tax was ₹676.56 million (₹702.35 million before a further ₹25.79 million exceptional item); the ₹1,042.99 million restated PAT for that year includes a one-time ₹366.43 million deferred-tax credit, so a share of the Fiscal 2026-over-Fiscal 2025 PAT increase reflects this deferred-tax recognition rather than pre-tax operating movement alone. Total consolidated outstanding borrowings were ₹2,583.34 million as of 30 June 2026. The Offer is made under Regulation 6(1) of the SEBI ICDR Regulations (the profitability and net-worth route); the RHP’s own eligibility computation shows positive operating profit in each of the three preceding fiscal years — ₹449.26 million (Fiscal 2024), ₹636.27 million (Fiscal 2025) and ₹858.90 million (Fiscal 2026) — alongside net tangible assets of at least ₹30 million and net worth of at least ₹10 million in each of those years.
Who can actually sell on listing day
The RHP’s Capital Structure chapter sets out, share by share, who is restricted from selling once the company lists, and for how long.
| Who | Locked for, per this RHP |
|---|---|
| Promoter (Geetansh Bamania) | His own holding falls short of the 20% Minimum Promoter’s Contribution threshold; the shortfall is covered instead by the Specified Shareholders below. No separate “Promoter’s holding above 20%” bucket applies on this RHP. |
| Five Specified Shareholders — Gaurav Bamania, Accel India IV (Mauritius) Limited, ValueQuest S.C.A.L.E. Fund, Edelweiss Discovery Fund-Series I, and Chiratae Growth Fund-I | 18 months from Allotment, to the extent their shares are designated to cover the Minimum Promoter’s Contribution shortfall (the exact shortfall share count is left blank in the RHP, to be filled in the Prospectus) |
| All other pre-Offer shareholders whose shares are not designated for the 18-month bucket above | 6 months from Allotment — except Offer for Sale shares (transferred to new holders at listing), ESOP-allotted shares, and four named AIF/VCF entities (Edelweiss Discovery Fund-Series I, Chiratae Growth Fund-I, Chiratae Trust, ValueQuest S.C.A.L.E. Fund), whose shares instead lock for 6 months from each fund’s own purchase date |
| Anchor Investors | 90 days from Allotment on 50% of their allotted shares; 30 days from Allotment on the remaining 50% |
| New investors allotted in the Offer (QIB non-Anchor, Non-Institutional, Retail and Employee categories) | Not locked — freely tradeable from listing, per the RHP’s lock-in chapter |
The Anchor Investor Bid/Offer Period falls on 8 September 2026, one working day before the Offer opens; the company, in consultation with the Book Running Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, subject to valid bids at or above the Anchor Investor Allocation Price. That allocation has not happened yet, so the table below sets out both boundary scenarios rather than a single figure. Separately, the Total Offer row below combines the RHP-exact Offer for Sale count with a Fresh Issue share count estimated from the Fresh Issue’s ₹150 crore cap and the as-reported price-band cap, since the RHP itself leaves the Fresh Issue’s own share count blank pending the Price Band advertisement.
| Step | Shares | % of post-issue capital |
|---|---|---|
| Total offer (Offer for Sale, plus an estimated Fresh Issue count, at the as-reported price-band cap) | 31,078,400 | 29.85% |
| Scenario A — less: maximum Anchor allotment (up to 60% of the QIB Portion), locked 30/90 days | −9,308,668 | −8.94% |
| = Scenario A: sellable on listing day (maximum anchor) | 21,769,732 | 20.91% |
| Scenario A: locked or not offered — the rest of the register | 82,343,481 | 79.09% |
| Scenario B — less: zero Anchor allotment | 0 | 0.00% |
| = Scenario B: sellable on listing day (zero anchor) | 31,078,400 | 29.85% |
| Scenario B: locked or not offered — the rest of the register | 73,034,813 | 70.15% |
| Post-issue capital | 104,113,213 | 100.00% |
A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
This reflects the lock-in and Anchor Investor provisions in the RHP dated 3 September 2026 (Capital Structure chapter), as re-verified against the filed document as of 5 September 2026. The Anchor Investor Bid/Offer Period on 8 September 2026 had not yet occurred as of that date, so the final sellable count lands only once the exchange publishes the Anchor allocation.
Dates and mechanics
| Event | Date |
|---|---|
| Anchor Investor Bid/Offer Period | 8 September 2026 |
| Bid/Offer Opens | 9 September 2026 |
| Bid/Offer Closes (UPI mandate end time 5:00pm IST) | 11 September 2026 |
| Basis of Allotment (on or about) | 15 September 2026 |
| Refunds initiated / ASBA funds unblocked (on or about) | 16 September 2026 |
| Credit of Equity Shares to demat accounts (on or about) | 16 September 2026 |
| Commencement of trading (on or about) | 17 September 2026 |
| Investor category | Share of the Net Offer |
|---|---|
| Qualified Institutional Buyers (QIBs) | Not more than 50% |
| — Anchor Investor Portion, within the QIB Portion (discretionary) | Up to 60% of the QIB Portion |
| — Mutual Funds, within the Anchor Portion | Up to 33.33% of the Anchor Portion |
| — Life Insurance Companies / Pension Funds, within the Anchor Portion | Up to 6.67% of the Anchor Portion |
| — Mutual Funds, within the Net QIB Portion | 5% |
| Non-Institutional Bidders | Not less than 15% |
| — Bids above ₹0.20 million up to ₹1.00 million | One-third of the Non-Institutional portion |
| — Bids above ₹1.00 million | Two-thirds of the Non-Institutional portion |
| Retail Individual Bidders | Not less than 35% |
| Eligible Employees (separate reservation, outside the Net Offer) | Up to ₹20.00 million, capped at 5% of post-Offer paid-up capital |
This is Book Building under Regulation 6(1) read with Regulation 32(1) of the SEBI ICDR Regulations, 2018, and Rule 19(2)(b) of the Securities Contracts (Regulation) Rules.
Book Running Lead Managers: Motilal Oswal Investment Advisors Limited (SEBI Reg. INM000011005), Axis Capital Limited (INM000012029), and IIFL Capital Services Limited, formerly IIFL Securities Limited (INM000010940). Registrar to the Offer: KFin Technologies Limited (SEBI Reg. INR000000221; contact M. Murali Krishna, rentomojo.ipo@kfintech.com).
Board approval: 2 March 2026. Shareholder approval for the Fresh Issue (EGM special resolution): 6 March 2026. Selling Shareholders’ consents were recorded via Board resolutions dated 19 March 2026, 21 August 2026 and 3 September 2026. Proposed listing is on the BSE and NSE, with NSE as the Designated Stock Exchange; both exchanges issued in-principle approval on 1 June 2026.
Information as of 5 Sep 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Rentomojo Limited — Red Herring Prospectus, dated 3 Sep 2026 (hosted by BRLM Axis Capital) — RE-FETCHED AND FULLY RE-EXTRACTED THIS SESSION (436 pages; WebFetch's own PDF conversion failed, so the fetched bytes were parsed locally with pypdf) →
- SEBI public-issues filing page — Rentomojo Limited (DRHP stage) — re-fetched this session, still live, now also shows filing date 6 April 2026 →
- NSE archives — Rentomojo Limited DRHP (re-fetch timed out this session; not independently re-confirmed by direct fetch, but independently located again via WebSearch) →
- Press Network of India (PNI News) — Rentomojo price-band announcement — re-fetched this session, re-confirmed →
- Inc42 — RentoMojo RHP files, OFS trimmed to ~2.7 crore shares — re-fetched this session, re-confirmed →
- Free Press Journal — Rentomojo price-band report — fetched fresh this session →
- SME Street — Rentomojo IPO lot size and bid details — fetched fresh this session →
- Daily Excelsior — Rentomojo price-band report — found and read via search this session →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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