SoftBank-backed Oyo submits draft paper with $1.14 billion IPO

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File photo: The logo of India’s largest and fastest growing hotel chain OYO is seen in a hotel building in New Delhi, India, on April 3, 2019. Reuters / Adnan Abidi / FILE PHOTO

October 1, 2021

BANGALORE (Reuters) – SoftBank-backed Indian hotel aggregator OYO on Friday applied for a $1.14 billion initial public offering (IPO), making it the country’s first hospitality company since 2019.

The hotel aggregator’s long-awaited IPO comes as travel restrictions are eased around the world and the tourism sector is improving as people go on vacation after a long blockade.

According to a copy of Herring’s draft outlook dated 30 September, the proposal includes Rs. 70 billion ($942.8 million) in new shares and Rs. There is an offer to sell for 14.3 billion.

According to OYO’s draft herding outlook, the offer will include shares of up to Rs 13.29 billion by SVF India Holdings to invest on behalf of SoftBank Vision Fund LP, a company set up in the Cayman Islands. ..

OYO is one of the latest technology-focused companies to lead the fast-growing Indian IPO market, with around 30 companies seeking initial public offerings so far this year.

Food delivery player Zomato made its debut in the blockbuster stock market in July, with Ant Group-backed Paytm and TPG-backed e-commerce beauty company Nykaa also making their first public offerings.

The offer comes even as Oyo faces a legal dispute with rival Zostel over a deal between two Indian hospitality startups that collapsed six years ago.

Reuters reported last week at https://www.reuters.com/article/oyo-ipo-idCAKBN2GJ04Q that the company is looking to raise about $1 to $1.2 billion through an IPO.

(Reporting by Chandi Monappa and Vishwadha Chander in Bengaluru, edited by Sherry Jacob-Phillips and Sriraj Kalluvilla)

SoftBank-backed Oyo submits draft paper with $1.14 billion IPO

Source link SoftBank-backed Oyo submits draft paper with $1.14 billion IPO

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