Six Indian IPOs attracted bids worth approximately ₹1.39 lakh crore, highlighting a buoyant but selective investor appetite for new issues, with Rentomojo leading the surge.
Friday closed with a striking show of demand across six Indian initial public offerings, as investors bid for shares worth about ₹1.39 lakh crore against a combined issue size of ₹4,510 crore, according to The Hindu BusinessLine. The response was broad-based, with several offerings drawing heavy institutional interest even as a few others attracted only modest appetite.
The standout performer was Rentomojo, the furniture and appliance rental platform, whose ₹1,256 crore issue was subscribed 72.88 times by the close, BusinessLine reported. The company’s share sale had already been attracting attention from market trackers during the week, with Moneycontrol and IPOFocuss showing much lower interim subscription levels before the final rush. Rentomojo’s book was led by qualified institutional buyers, followed by non-institutional investors and retail investors, while the employee portion also saw strong demand. The issue included a ₹150 crore fresh component and a ₹1,106 crore offer for sale, with proceeds earmarked for debt repayment, warehouse and store-related payments, and general corporate use.
Karamtara Engineering also emerged as a major draw, with BusinessLine saying its ₹875 crore IPO was subscribed 62.63 times. The Gujarat-based company, which makes structural products for renewable energy and power transmission, drew particularly strong demand from institutional investors. Mid-week IPO trackers had already shown the issue moving steadily, with Moneycontrol and IPOFocuss reporting subscription levels that were lower than the final tally but still pointed to healthy interest ahead of closing. Karamtara plans to use most of the fresh proceeds to reduce borrowings.
LCC Projects, an engineering, procurement and construction company based in Gujarat, secured bids worth 48.51 times the shares on offer, while Steamhouse India’s industrial gases issue was subscribed 30.49 times, BusinessLine reported. Arcil, or Asset Reconstruction Company (India) Ltd, also drew firm interest with a 20.1-times subscription, helped by strong institutional bidding despite a more muted response from retail investors. Manipal Payment and Identity Solutions was the quietest of the six, but still managed to sail through with subscription of 1.42 times.
The range of outcomes underlined the market’s current appetite for select new issues, especially those with clear growth stories or stronger institutional backing. Yet the uneven response also suggested investors remained discriminating, preferring some sectors and business models over others even in an otherwise buoyant primary market.
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