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Deepti Sri · · 1 min readSoftBank-backed Oyo files for $1.1b IPO in India
“Hotel-booking startup Oyo Hotels & Homes filed a draft prospectus on Thursday for an 84.3 billion rupees (US$1.1 billion) initial public offering, joining the rush of tech unicorns seeking a listing on Indian stock exchanges after a world-beating stock rally,” Livemint report.
Details:
- Oyo, which is backed by SoftBank and Airbnb, aims to raise 70 billion rupees (US$942.7 million) through the public offering. It will raise the rest of the targeted capital from the sale of secondary shares.
- According to the prospectus, founder Ritesh Agarwal, RA Hospital Holdings (Agarwal’s holding company), and SoftBank Vision Fund are Oyo’s largest shareholders. SoftBank holds a 46% stake in the hotel chain while Agarwal and his holding company have a combined stake of 33%.
Dive deeper:
- Oyo is one of the latest in the growing list of Asian tech startups queuing up to going public. Recently, Freshworks became the first Indian software-as-a-service startup to list on the Nasdaq, raising US$1 billion in its stock market debut. (Read: The leading Asian tech players eyeing an IPO in 2021)
- In July, Oyo secured US$660 million in debt financing from global institutional investors.
Currency converted from Indian rupees to US dollar: US$1 = 74.24 rupees.
Editing by Miguel Cordon
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