Business

SoftBank-Backed Hospitality Startup Oyo To File For $1.2 Billion IPO Next Week

Final month, Oyo obtained a $5 million funding from Microsoft, Citi, amongst others

SoftBank Group-backed Indian hospitality startup Oyo Resorts and Rooms is predicted to file for an preliminary public providing (IPO) subsequent week to boost round $1 billion, a supply instructed Reuters on Thursday.

The resort aggregator is seeking to record in India’s monetary capital of Mumbai and its IPO is tentatively pegged at between $1 billion and $1.2 billion, the supply mentioned, including it’ll encompass a contemporary subject of shares and a suggestion on the market from present shareholders.

Oyo didn’t instantly reply to a request for remark.

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. Journey-hailing agency Ola, which can be backed by SoftBank, can be set to enter markets.

Oyo, through which SoftBank owns a 46 per cent stake and is considered one of its largest bets, has endured months of layoffs, cost-cuts and losses in the course of the international well being disaster.

Its founder and Chief Govt Ritesh Agarwal had mentioned in July that enterprise was more likely to return to ranges seen earlier than the second wave of COVID-19 infections in India and “develop from there”.

Final month, Oyo obtained a $5 million funding from Microsoft Corp. Kotak Mahindra Capital, JP Morgan and Citi are the bankers advising Oyo on the IPO, the supply mentioned.


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