Home » TECH AND INTERNET » SoftBank-backed Oyo to file for $1.2 billion IPO next week – source

SoftBank-backed Oyo to file for $1.2 billion IPO next week – source

FILE Image: The symbol of OYO, India’s largest and quickest-expanding lodge chain, is seen set up on a resort constructing in New Delhi, India, April 3, 2019. REUTERS/Adnan Abidi/File Photo

September 23, 2021

By Chandini Monnappa

BENGALURU (Reuters) -SoftBank Group-backed Indian hospitality startup Oyo Accommodations and Rooms is anticipated to file for an first community featuring (IPO) subsequent 7 days to elevate all-around $1 billion, a source instructed Reuters on Thursday.

The hotel aggregator is wanting to checklist in India’s economic cash of Mumbai and its IPO is tentatively pegged at involving $1 billion and $1.2 billion, the source stated, introducing it will consist of a new problem of shares and an supply for sale from existing shareholders.

Oyo did not instantly react to a ask for for comment.

The listing system follows a stellar debut by foodstuff shipping organization Zomato Ltd in July. Berkshire Hathaway Inc-backed Paytm and private fairness firm TPG-backed Nykaa have also filed for IPO. Experience-hailing business Ola, which is also backed by SoftBank, is also set to enter markets.

Oyo, in which SoftBank owns a 46% stake and is 1 of its largest bets, has endured months of layoffs, price-cuts and losses during the world wellbeing disaster.

Its founder and Chief Govt Ritesh Agarwal had explained in July that company was probably to return to degrees noticed before the 2nd wave of COVID-19 bacterial infections in India and “grow from there”.

Final thirty day period, Oyo obtained a $5 million financial commitment from Microsoft Corp. Kotak Mahindra Funds, JP Morgan and Citi are the bankers advising Oyo on the IPO, the supply reported.

(Reporting by Chandini Monnappa and Rama Venkat in Bengaluru Modifying by Arun Koyyur)

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