Furniture and appliance rental platform Rentomojo has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 150 crore through a fresh issue in its initial public offering (IPO).
The IPO plan includes a fresh issue of equity shares and an offer for sale (OFS) of existing shareholders’ equity shares. Key players in the OFS include Accel India, Chiratae Ventures, ValueQuest S.C.A.L.E Fund, and Edelweiss Discovery Fund.
Founder Geetansh Bamania and other major shareholders are also set to participate in the OFS, while the company considers a pre-IPO placement to strengthen its financial position. Axis Capital, Motilal Oswal, and IIFL Capital are managing the IPO process.
Rentomojo offers a wide range of rental items, including furniture, appliances, and innovative categories like water purifiers, serving a vast subscriber base across multiple cities. The company’s operational and financial growth showcases its positioning in the rental market.
The IPO aims to utilize the raised funds for strategic purposes, including debt repayment, lease rentals, and general corporate needs, indicating Rentomojo’s intent to enhance its market presence and offerings.
Source: Entrackr : Latest Posts