Furniture rental firm Rentomojo rose nearly 25% in its trading debut on Thursday, after its $133 million initial public offering drew strong investor demand.
Shares were trading at about Rs 503.05 as of 10:29 a.m. IST, valuing the company at Rs 53.06 billion ($553.65 million), after listing at a 19.4% premium to the issue price of 404 rupees.
Rentomojo's IPO was subscribed nearly 73 times, led by qualified institutional buyers, who bid for more than 177 times the shares reserved for them.
The Bengaluru-based firm operates a subscription model that allows consumers to rent furniture and appliances, targeting consumers who want flexibility.
India's online furniture rental and leasing market is expected to more than double to $9.31 billion by 2031, according to market research firm Ken Research, driven by demand for furnished housing and flexible offices.
Rentomojo's listing comes amid a rebound in India's primary market after a sluggish start to 2026 due to the Middle East conflict.
India is the world's busiest IPO market by number of issues in 2026, with 165 firms raising $8.61 billion so far, according to LSEG data.
Rentomojo's IPO comprised a fresh issue of shares worth Rs 1.50 billion and an Rs 11.06 billion offer for sale by shareholders, including Accel and Edelweiss Financial Services.
The company plans to use the IPO proceeds to repay debt and pay rent for warehouses and retail stores. Rentomojo's revenue for the fiscal year ended March 31 rose 45.5% to Rs 3.87 billion, while profit jumped 142% to Rs 1.04 billion.