This deal might take OYO’s valuation to $9 billion (round Rs 67,000 crore)
The lodge aggregator is wanting to checklist in India’s monetary capital of Mumbai and its IPO is tentatively pegged at between $1 billion and $1.2 billion( ₹8,000 crore)
- Reuters
- Last Updated:September 23, 2021, 11:44 IST
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SoftBank Group-backed Indian hospitality startup Oyo Hotels and Rooms is predicted to file for an preliminary public providing (IPO) subsequent week to increase round $1 billion, a supply instructed Reuters on Thursday.
The lodge aggregator is wanting to checklist in India’s monetary capital of Mumbai and its IPO is tentatively pegged at between $1 billion and $1.2 billion( ₹8,000 crore), including it can encompass a contemporary situation of shares and a proposal for sale from present shareholders.
The itemizing plan follows a stellar debut by meals supply agency Zomato Ltd in July. Berkshire Hathaway Inc-backed Paytm and personal fairness agency TPG-backed Nykaa have additionally filed for IPO. Ride-hailing agency Ola, which can also be backed by SoftBank, can also be set to enter markets.
Oyo, during which SoftBank owns a 46 per cent stake and is one in every of its greatest bets, has endured months of layoffs, cost-cuts and losses through the world well being disaster.
Its founder and Chief Executive Ritesh Agarwal had stated in July that enterprise was probably to return to ranges seen earlier than the second wave of COVID-19 infections in India and “develop from there”.
Last month, Oyo received a $5 million investment from Microsoft Corp. Kotak Mahindra Capital, JP Morgan and Citi are the bankers advising Oyo on the IPO, the source said.
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