Rentomojo's initial public offering was oversubscribed by 1.5 times in India, according to the latest data available on the National Stock Exchange's website on Thursday, indicating a strong demand for the company's shares and public confidence in the online furniture rental firm's growth story.

The company had reserved 21.8 million shares for the offering but received bids for 31.9 million shares, per the data from the bourse operator.

The company had previously disclosed in its prospectus that proceeds from the offering are expected to be used for debt repayment, certain rental and license fee payments, and general corporate purposes.

Motilal Oswal, Axis Capital and IIFL Capitak are acting as lead bookrunners for the IPO.