RentoMojo raises $40 million from anchor investors ahead of IPO
What's the deal? Furniture and appliance rental platform RentoMojo has raised nearly US$51.1M from anchor investors ahead of its IPO. The startup allotted 93.1 lakh equity shares to 41 anchor investors at US$5.49 apiece, the upper end of its price band.
Who bought in? Sixteen domestic mutual funds took 60.4 lakh shares worth nearly US$33.1M across 30 schemes, accounting for 32.68% of the total anchor allocation. Five life insurance companies picked up a further 12.6 lakh shares.
Participants included Kotak Mahindra Trustee, EdelweissDealroom has a profile for this one. Try Dealroom →, Invesco, HDFCDealroom has a profile for this one. Try Dealroom →, Motilal OswalDealroom has a profile for this one. Try Dealroom →, Bajaj FinservDealroom has a profile for this one. Try Dealroom →, JM FinancialDealroom has a profile for this one. Try Dealroom →, and ICICI Prudential.
Why now? The anchor round precedes the public issue, which opens for subscription on September 9 and closes on September 11.
What's the endgame? The IPO comprises a fresh issue of shares worth up to US$20.4M and an offer for sale of up to 2.7 crore shares. At the top of its US$5.21-US$5.49 price band, the offering values RentoMojo at nearly US$571.2M, or roughly $445 million.
The signal: Strong domestic institutional demand — led by mutual funds — points to appetite for consumer rental businesses as they test India's public markets.
Image credit: Generated with Gemini
