OYO to file for up to USD 1.2 billion-IPO next week

24/09/2021

new delhi, sep 23: Hospitality firm OYO is planning to raise between USD 1 billion to 1.2 billion through an initial public offering and is expected to file the draft red herring prospectus (DRHP) with Sebi next week, sources told on Thursday.
OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to manage its public issue, they added.
Comments from OYO could not be obtained at the time of filing the story.
Last week, shareholders of Oravel Stays, the parent company of hospitality firm OYO, had approved the conversion of the company from a private limited company to a public limited company, according to a regulatory filing.
Earlier, the board of Oravel Stays had approved an increase in the authorised share capital of the company from Rs 1.17 crore to Rs 901 crore.
In August, in an Registrar of Companies (RoC) filing, OYO had said that Microsoft Corporation has invested nearly USD 5 million (about Rs 37 crore) in OYO through the issuance of equity shares and compulsory convertible cumulative preference shares on a private placement basis.
Oyo will adopt Microsoft Azure as a key enabler to drive cloud-based innovations and reimagine the hospitality and travel tech industry, the statement further said.

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