India, Sept. 16 -- Furniture and appliance rental startup RentoMojo's IPO has delivered sizeable returns for its early backers through its offer-for-sale (OFS) component, ahead of the startup's stock market debut tomorrow.

Cofounder Geetansh Bamania pocketed Rs.34.31 Cr by selling 8.49 Lakh shares at the issue price of Rs.404 apiece.

Before the bidding process began, Bamania told Inc42 that he had initially planned to sell nearly 20 Lakh shares through the OFS but later reduced the size of the sale.

"Initially, I was planning to sell close to 20 Lakh shares. But I thought that I'm more bullish on the company and its future prospects, so I decided to reduce my OFS," he said.

Following the IPO, Bamania retains a 13.37% stake in RentoMoj...