Rentomojo Ltd. IPO: price band, issue structure, subscription, GMP, financials and listing details

Rentomojo Limited, a Bengaluru-based leasing and rental business focused on commercial properties with related property management services under the Rentomojo brand, came to the market with a 100% book-built IPO of ₹1,255.57 crore. The price band was ₹384 to ₹404 per equity share and the issue opened on September 9, 2026 and closed on September 11, 2026. The IPO comprised a ₹150.00 crore fresh issue and a ₹1,105.57 crore offer for sale (OFS) by existing shareholders. The equity shares were proposed to be listed on BSE and NSE; the recorded listing date was September 17, 2026 and the recorded listing price was ₹480, implying an 18.81% gain over the cap price of ₹404.

What Rentomojo does

Rentomojo Limited operates a leasing and rental business focused on commercial properties and provides related property management services. The business is operated under the Rentomojo brand and is headquartered in Bengaluru.

For IPO readers, the description matters because it anchors how to interpret the company’s disclosures and the post-listing monitoring agenda. In a leasing and rental model with property management services, periodic disclosures typically get read alongside the company’s asset base, the cost of premises, and financing/borrowing levels—especially when the IPO objects explicitly reference borrowings and lease rentals/licence fees.

IPO structure: fresh issue vs OFS and what the company proposed to do with proceeds

The Rentomojo IPO was structured as a combination of a fresh issue of equity shares and an OFS by existing shareholders, including investors and the promoter.

This split matters for proceeds. Fresh issue proceeds accrue to the company, while OFS proceeds go to the selling shareholders.

As stated in the offer documents, the company proposed to utilise the net proceeds from the fresh issue towards:

• Repayment or prepayment, in full or in part, of certain outstanding borrowings and accrued interest availed by the company
• Payment of lease rental/licence fee for its warehouses and experience stores (premises)
• General corporate purposes

Within the fresh issue, the disclosures indicate specific proposed allocations for the borrowing-related repayment/prepayment and for premises-related payments, while the general corporate purposes line item is stated without a specific allocation in the provided context. These are stated objectives and proposed uses, not completed spending.

The IPO also carried category-wise reservations for Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs), along with an employee reservation. The disclosures also include an anchor investor framework as part of the QIB portion, including a reservation for domestic mutual funds within the anchor allocation.

Key dates, subscription outcome, and GMP observations

The issue opened on September 9, 2026 and closed on September 11, 2026. The allotment date in the schedule was September 15, 2026, refunds were scheduled for September 16, 2026, and listing was scheduled for September 17, 2026.

On subscription, the IPO was subscribed 4.71 times in total. The category-wise bid data show NIIs subscribed 11.60 times and RIIs subscribed 4.20 times, while the employee portion was subscribed 4.25 times. QIB subscription was 0.45 times. This distribution is a factual description of the recorded bidding pattern at close and is often read alongside post-listing shareholding disclosures to understand how the shareholder base may have been shaped by the issue.

The provided grey market premium (GMP) observations (an unofficial market indicator) are referenced to the cap price of ₹404 and span September 15, 2026 through September 17, 2026, within the latest ten observations available. Across these observations, GMP ranged from ₹83 to ₹158, with the last observation in the set at ₹87 on September 17, 2026. As noted in the context, GMP can change and these observations are not a listing forecast.

Corporate milestones to know before comparing year-on-year numbers

The milestone timeline in the offer disclosures provides context on the company’s legal identity and capital structure changes over time.

Rentomojo was incorporated in 2012 as “Edunetwork Private Limited” in Karnataka. In 2023, the company’s name was changed to “Rentomojo Private Limited”. It was later converted/renamed to “Rentomojo Limited” pursuant to a fresh certificate of incorporation dated August 9, 2023.

The milestones also note that the company issued preference shares and obtained a certificate of incorporation dated November 15, 2023, and that subsequent capital restructuring included issuance of bonus shares. For investors using per-share metrics and valuation multiples, such corporate actions are typically read alongside the offer’s stated KPI and valuation references.

Financial trajectory: revenue, profitability and asset base

Across FY2024 to FY2026, the company reported increases in total revenue, profit after tax (PAT) and total assets, with an expanding reported PAT margin across the same period. Total revenue increased from ₹195.80 crore in FY2024 to ₹271.96 crore in FY2025 and ₹394.09 crore in FY2026. PAT increased from ₹22.41 crore in FY2024 to ₹43.11 crore in FY2025 and ₹104.30 crore in FY2026. Over this period, the reported PAT margin in the financial table rose from 11.45% in FY2024 to 15.85% in FY2025 and 26.47% in FY2026, while total assets increased from ₹366.20 crore in FY2024 to ₹449.87 crore in FY2025 and ₹641.12 crore in FY2026.

The offer disclosures also present an EBITDA margin (treated as a margin percentage) and a reported PAT margin as key metrics, alongside return ratios. These indicators are typically tracked after listing in conjunction with periodic financial results, because they feed into how investors interpret operating performance and balance sheet outcomes over time.

Valuation and KPIs disclosed for the offer

The IPO disclosures include key performance indicators and valuation reference points such as earnings per share (EPS), return on equity (ROE), return on capital employed (ROCE), return on net worth (RoNW), EBITDA margin, pre-IPO price-to-earnings (P/E), price-to-book (P/B), and debt-to-equity.

In the provided context, EPS is disclosed at ₹10.29. ROE and RoNW are both disclosed at 43.51%, and ROCE at 25.34%. The EBITDA margin is disclosed at 41.48%, and the reported PAT margin is disclosed at 26.95%. For valuation reference points, the pre-IPO P/E multiple is disclosed as 39.26 times and the P/B multiple as 14.10 times. Leverage is indicated through a debt-to-equity ratio of 0.63 times.

These are the stated markers provided for interpreting the offer and the implied pricing at the IPO band. Comparisons across issuers often require attention to definitions and accounting presentation used in the offer disclosures.

Key risks from the disclosures and monitoring points after listing

The risk-related statements in the provided context emphasise interpretation and comparability risks in financial reporting and performance metrics. Specifically, the disclosures flag that non-GAAP measures can look better or worse depending on adjustments, that unfamiliarity with Indian Accounting Standards (Ind AS) can make comparisons harder, and that financial disclosures may not translate cleanly to International Financial Reporting Standards (IFRS) or U.S. GAAP for investors who use international benchmarking frameworks.

Alongside these stated risk themes, the company’s stated objects for the fresh issue highlight areas that naturally become part of the post-IPO monitoring agenda because they relate to proposed deployment of funds and ongoing cost structure.

Monitoring points to track after listing:

• Track how the company explains any non-GAAP measures alongside Ind AS results in periodic disclosures.
• Track changes in borrowings and interest costs in the context of the stated objective to repay/prepay certain borrowings.
• Track premises-related payments (lease rentals/licence fees for warehouses and experience stores) given they are an explicit stated object for fresh issue proceeds.
• Track the movement of margins and return ratios over time alongside growth in the company’s asset base.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (19 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.