Accel-Backed Rentomojo to Launch IPO on Sept. 9

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Rentomojo will launch its IPO on Sept. 9, made up of a fresh issue of equity shares worth 1.5 billion Indian rupees and an offer for sale of 27.4 million shares by existing investors.

The Accel-backed online furniture rental platform's share sale will close Sept. 11, according to a press release filed with the Securities and Exchange Board of India.

The company will use proceeds to repay borrowings, pay lease rental and license fees for warehouses and experience stores, and for general corporate purposes.

The company has set a price band of 384 to 404 rupees per share for the IPO, Reuters said in a Friday report.

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