New Delhi: In a major development, OYO plans to file a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO) next week. The hotel company aims to raise around $ 1.2 billion, or roughly Rs 8,000 crore, through the IPO, according to a PTI report.Also Read – OYO Rooms Reportedly Canceled Kashmir Man’s Booking, ‘Discriminatory’ Act Slammed on Twitter
OYO has previously appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to handle the IPO, PTI reported citing sources. Also Read – Thousands Lose Their Jobs As Oyo Rooms Sack Staff For Underperformance
OYO IPO – Everything you need to know
- Meanwhile, OYO’s IPO follows the spectacular success of Zomato’s IPO which ended in an exceptional oversubscription on July 16 and was the largest since March 2020, according to the report. PTI.
- Last week, shareholders of Oravel Stays, the parent company of hotel company OYO, approved the transformation of the company from a limited liability company to a limited company, according to a regulatory filing, according to the PTI report.
- Previously, the board of directors of Oravel Stays approved an increase in the authorized share capital of the company from Rs 1.17 crore to Rs 901 crore, according to the PTI report.
- OYO in August, in a filing with the Registrar of Companies (RoC), said Microsoft Corporation had invested nearly $ 5 million (around Rs 37 crore) in OYO through the issuance of stocks and shares cumulative preferred convertible preferred on the basis of a private placement. , according to the PTI report.
- Earlier in July, the company raised $ 660 million through B-term loans from global institutional investors, including Fidelity Investments, to refinance and simplify its existing borrowing, according to the PTI report.
Also read – Oyo faces backlash from hotel operators for allegedly defrauding