IPO Stock Rockets 28%: New Listing Creates Buzz on Dalal Street
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A newly listed stock delivered a strong debut on Dalal Street, gaining nearly 28% above its IPO price within hours of listing. The issue had witnessed massive investor participation, receiving over 72 times subscription during the bidding period.
✨ Key Takeaways
The shares of Rentomojo made their stock market debut today, September 17, and were trading at Rs 516.90 per share at 2:40 pm, up Rs 112.90 or 27.95 per cent over the IPO issue price of Rs 404. The stock opened at Rs 482.45 on the NSE after listing at a premium of nearly 19 per cent to the issue price. During the session, the shares touched an Intraday high of Rs 526.70.
The strong debut followed robust investor participation during the IPO process, with the issue receiving subscription of 72.88 times. The company’s shares were listed on both the BSE and NSE through a special pre-open session earlier today
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The IPO received significant participation during the bidding period, with the issue subscribed 72.88 times on the final day. The public issue received bids for 158.68 crore equity shares against 2.17 crore shares offered.
The Qualified Institutional Buyers (QIBs) portion was subscribed 177.29 times, while the Non-Institutional Investors (NIIs) category saw subscription of 67.93 times. The Retail Individual Investors (RIIs) segment was subscribed 15.59 times.
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Rental Platform Focused on Subscription-Based Model
The company operates a technology-enabled rental platform focused on furniture and appliance rentals. Its business model integrates procurement, rental operations, refurbishment, Logistics and asset redeployment to support recurring revenue generation.
During FY24 to FY26, the company reported revenue, EBITDA and adjusted PAT CAGR of 41.7 per cent, 45.5 per cent and 118.4 per cent, respectively. Growth has been supported by subscriber expansion and contracted but unrecognised revenue. The IPO was launched with a price band of Rs 384 to Rs 404 per share, valuing the company at Rs 1,256 crore at the upper end.
About the Company:
The company operates a technology-driven rental platform for furniture and appliances. It provides subscription-based rental solutions supported by procurement, refurbishment, logistics and asset redeployment capabilities.
Disclaimer: The article is for informational purposes only and not investment advice.