Online furniture and appliance rental platform Rentomojo Ltd has raised Rs 376 crore from <a href="https://www.mid-day.com/business/business-news/article/arcil-garners-rs-220-crore-from-anchor-investors-rs-733-croreipo-opens-for-subscription-23649091" target="_blank" rel="none noopener">anchor investors</a>, including Goldman Sachs Funds and BlackRock Global Funds as its Rs 1,256 crore Initial Public Offering (IPO) opens for subscription on Wednesday.
The company allotted 93.08 lakh equity shares to anchor investors at Rs 404 per equity share, which is also the top end of the price band, according to a circular uploaded on exchanges.
Apart from Goldman Sachs and BlackRock, other investors include ICICI Prudential Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, and HDFC Standard Life Insurance Company.
Out of the total allocation of 93.08 lakh shares to the anchor investors, 60.41 lakh shares, amounting to around 65 per cent of the total were allocated to 16 mutual funds applying through a total of 30 schemes.
<a href="https://www.mid-day.com/business/business-news/article/rentomojo-to-launch-rs-1256crore-ipo-on-september-9-price-band-set-at-rs-384404-per-share-23648316" target="_blank" rel="none noopener">Rentomojo's IPO </a>will be open for public subscription from September 9-11, with the price band of Rs 384-404 per equity share.
At the upper end, the IPO implies a market capitalisation of about Rs 4,206 crore.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 150 crore and an Offer For Sale (OFS) of 2.73 crore shares worth up to Rs 1,106 crore at the upper end of the price band. This translates into a total issue size of Rs 1,256 crore.
The OFS includes shares being sold by several existing shareholders, including Accel India IV (Mauritius) Ltd, Edelweiss Discovery Fund - Series I, IDG Ventures India Fund III LLC, ValueQuest S.C.A.L.E. Fund, Madison India Opportunities V VCC, Chiratae Trust, TM Naigama Investment Manager LLP, GMO Payment Gateway Inc, Geetansh Bamania, GMO GFF Ltd Partnership and Renaud Laplanche.
The company proposes to utilise the proceeds from the fresh issue towards payment of debt, payment of lease rentals or licence fees for its warehouses and experience stores, and for general corporate purposes.
Founded by Geetansh Bamania, the company operates a technology-driven, full-stack direct-to-consumer (D2C) platform offering rental and subscription services for furniture and home appliances across India.
The equity shares are proposed to be listed on the BSE and the <a href="https://www.mid-day.com/business/business-news/article/nses-equity-options-market-share-reduces-over-22-per-cent-between-fy24-and-fy26-23641212" target="_blank" rel="none noopener">NSE</a> on September 17.
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It allotted 93.08 lakh equity shares to anchor investors at Rs 404 apiece, at the upper end of the price band

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The company allotted 93.08 lakh equity shares to anchor investors at Rs 404 per equity share, which is also the top end of the price band

Rentomojo mops up Rs 376 crore from anchor investors; Rs 1,256 crore-IPO opens for subscription

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Home / Business / Business News / Article / Rentomojo mops up Rs 376 crore from anchor investors; Rs 1,256 crore-IPO opens for subscription