Cyril Amarchand Mangaldas (CAM), TT&A, Trilegal and Hogan Lovells have acted on Rentomojo’s INR12.56 billion (USD130.8 million) initial public offering of 31,080,978 shares on the NSE and BSE. It is the first online furniture and appliances subscription platform to debut on India’s stock markets,
The IPO comprised a fresh issue of 3,715,449 shares valued at INR1.5 billion, and an offer for sale of 27,365,529 existing shares. Both types of stock had a face value of INR1 per share.
CAM represented Rentomojo along with Geetansh Bamania, the promoter selling shareholder, and Gaurav Bamania, the promoter group selling shareholder.
“Rentomojo is the first Indian (and perhaps global) entity in the furniture subscription [sector] that has gone public, and that is an achievement,” said Vishal Yaduvanshi, lead partner for the CAM team.
“From writing a fresh equity story, which conveyed the management thesis, to finalising the data points which provide the correct lens to understand the business, Rentomojo’s IPO journey has been a story of firsts. It is heartening to support a homegrown [new-age technology company], which is creating new categories while being profitable in the process.”
Yaduvanshi, regional co-head – capital markets (north) and partner Gayathri Ramachandran co-led the transaction team, with support from senior associate Surya Rajkumar, and associates Anna Kallivayalil, Zubin Ronnie, Maria Palamattom and Aarya Maheshwari.
TT&A advised the bookrunning lead managers Motilal Oswal Investment Advisors, Axis Capital and IIFL Capital Services (formerly known as IIFL Securities). Hogan Lovells was the international legal counsel to the bookrunning lead managers.
“Rentomojo’s IPO is a landmark transaction that marks the debut of India’s first online furniture and appliances subscription platform on the public markets,” said Abhinav Kumar, lead partner of the TT&A team.
“Rentomojo has redefined how urban India accesses and experiences home furnishings, and this IPO is a strong endorsement of the subscription-economy model.”
Kumar, managing associate Shubham Sancheti, senior associate Abhishek Iyer, and associates Daniyal Khan and Harsh Shekhar led the transaction team.
Trilegal advised the selling shareholders, including Accel India IV (Mauritius), Edelweiss Discovery Fund – Series I, Chiratae Trust, IDG Ventures India Fund III, ValueQuest S.C.A.L.E Fund, Madison India Opportunities V VCC, GMO Payment Gateway, GMO GFF and eight other selling shareholders on the IPO.
Partners Vijay Parthasarathi and Vinay Sirohia led the team with the assistance of senior associate Harshvardhan Lahiri, and associates Kohsheen Saraf, Esha Alex, Jahnavi Jayasimha Rao and Vansh Dhoka.
Rentomojo is an online furniture and appliances rental company with branches spread across India.
