SoftBank-Backed Oyo Mentioned to File for $1.2 Billion IPO Subsequent Week
SoftBank Group-backed Indian hospitality startup Oyo Lodges and Rooms is anticipated to file for an preliminary public providing (IPO) subsequent week to lift round $1 billion (roughly Rs 7,380 crores), a supply instructed Reuters on Thursday. The lodge aggregator is seeking to listing in India’s monetary capital of Mumbai and its IPO is tentatively pegged at between $1 billion (roughly Rs 7,380 crores) and $1.2 billion (roughly Rs. 8,850 crores), the supply stated, including it’s going to encompass a recent situation of shares and a proposal on the market from current shareholders.
Oyo didn’t instantly reply to a request for remark.
The itemizing plan follows a stellar debut by meals supply agency Zomato in July. Berkshire Hathaway-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, by which SoftBank owns a 46 p.c stake and is one in all its largest bets, has endured months of layoffs, cost-cuts and losses in the course of the world well being disaster.
© Thomson Reuters 2021