Rentomojo's Rs 12.56 billion ($133 million) initial public offering was fully subscribed on the first day of bidding on Wednesday.
The 12-year-old company, in which venture capital firm Accel holds an 20.9% stake, received bids for 22.07 million shares compared with 21.77 million shares on offer. Non-institutional and retail investors bid for 1.48 times and 1.16 times the shares set aside for them.
At the top of the 384 rupees to 404 rupees price band, Rentomojo is seeking a valuation of up to $444 million.
The IPO opened with five other public offerings on Wednesday - a record for single-day launches in India - after a sluggish start to 2026 amid the U.S.-Iran war.
Bengaluru-based Rentomojo rents out furniture and household appliances through subscription plans and more than 100 stores across various Indian cities. Its peers in the unlisted space include Furlenco and Cityfurnish.
Rentomojo's IPO comprises a fresh issue of shares worth 1.50 billion rupees and an 11.06 billion-rupee offer-for-sale by existing shareholders, including Accel and Edelweiss.
Proceeds will be used to repay outstanding debt, and the company will also set aside capital to meet lease and licensing obligations for its warehouses and retail stores.
For the year ended March 31, Rentomojo posted a revenue of 3.87 billion rupees, up 45.5%, and profit of 1.04 billion rupees, up 142% from a year earlier.
The IPO will close on September 11, with shares expected to start trading on September 17.