Rentomojo has raised Rs 376 crore from anchor investors ahead of its initial public offering, which opens for subscription on Wednesday, September 9. The company allotted 93 lakh shares to 41 anchor investors at Rs 404 per share. The anchor allocation price includes a face value of Rs 1 per share and a share premium of Rs 403 per share.
Mutual funds get bulk of anchor book
Out of the total anchor allocation, 60.41 lakh shares were allotted to 16 mutual funds through 30 schemes. This accounted for 64.90% of the total anchor investor allocation.
The strong mutual fund participation signals institutional interest in the company ahead of the public issue. Anchor demand is closely watched by IPO investors because it shows the appetite of large investors before the offer opens for subscription.
Rentomojo’s IPO will open on September 9 and close on September 11.
Issue opens in a busy IPO week
The IPO comes during a crowded week for India’s primary market, with several companies opening their issues for subscription. Investor attention will be on subscription trends, grey market premium and demand from institutional as well as retail investors.
Rentomojo is among the larger issues opening during the week and has already been drawing attention in the grey market. The company’s anchor book also adds to the momentum around the issue.
