New Delhi: OYO has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an Initial Public Offering (IPO). OYO IPO aims at raising more than Rs 8,000 crore, as per DRHP filed by Oyo Hotels & Homes, according to media reports today.
The DRHP, which was filed on Thursday, showed that the initial public offering is worth USD 1.1 Billion.
OYO IPO Updates – All You Need To Know
- The seven-year-old startup, founded by 27-year-old Ritesh Agarwal, is backed by Airbnb Inc. and the SoftBank Group Corp.
- OYO was most recently valued at USD 9.6 billion, had about USD 780 million to USD 800 million in the bank as of three months ago (per Agarwal’s public comment at a recent conference) and raised USD 660 million in debt in July, as per an IANS report.
- The start-up is one of the most valuable in the South Asian nation, has developed an operating system of sorts to help hoteliers accept digital bookings and payments, the IANS report added.
- In September, shareholders of Oravel Stays Pvt Ltd, the parent company of hospitality firm OYO, have approved the conversion of the company from a private limited company to a public limited company, as per a PTI report.
- The board of Oravel Stays Private Limited had also approved an increase in the authorised share capital of the company from Rs 1.17 crore to Rs 901 crore.
Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, PTI reported quoting merchant banking sources.
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