OYO IPO Details
Preparation to bring issue after September, know why the company reduced the size of OYO IPO.
If you are also fond of traveling, then you must have known about Oyo. There is talk of its IPO coming for a long time, but till now its IPO has not come. It is expected that in the year 2022, the company will bring its IPO. This company provides rooms for rent, which are much cheaper than the normal price.
Hospitality and travel tech company OYO IPO: Hospitality and travel tech company OYO is looking to launch its IPO after September. The company has sought permission from the stock market regulator SEBI to submit updated financial information. In October last year, the company filed preliminary documents from SEBI to raise Rs 8,430 crore through IPO. According to people familiar with the developments, it is now ready to bring an IPO on BSE and NSE at a valuation of $7-8 billion as against $11 billion. It is clear that the company can reduce the size of the IPO.
Sources said that hospitality and travel company OYO’s plan to launch an IPO after September this year means that the company is expecting further improvement in its financial performance and the ongoing volatility in the market.
In fact, Oravel Stays Limited, the company that owns the OYO brand, has already received in-principle approval from the Mumbai Stock Exchange (BSE) and the National Stock Exchange (NSE) for listing on the stock exchange.
The company’s initial IPO includes fresh shares worth Rs 7,000 crore and an offer for sale for shares worth Rs 1,430 crore. However, now it is reported that OYO wants to go ahead with the primary issue of only Rs 7,000 crore and does not want to bring an offer for the sale of Rs 1,430 crore. The company has approached SEBI for approval.
OYO founder Ritesh Agarwal holds a 33 percent stake in the company and will not sell his stake in the IPO. At the same time, there was a discussion so far that Softbank Vision Fund, the largest investor in Oyo with a 46 percent stake, can sell its 2 percent stake in the company.
Company website: https://www.oyorooms.com/
