The key numbers driving Oyo’s IPO plans

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Hello readers,

Time flies: Q3 ended, other countries are talking about autumn and cool weather (it’s still hot in Singapore), and Christmas decorations are already up in some shopping malls.

But most importantly, Tech in Asia Conference, our flagship event, will kick off tomorrow. I don’t know about you, but I’m excited to hear what our speakers from Razer, Bukalapak, Grab, and Google have to share about Southeast Asia’s startup ecosystem.

So if you don’t want to miss out, tickets are still available, so go ahead and grab one here.

Today we look at,

• The numbers behind Oyo’s IPO filing
• An ecommerce startup that helps merchants sell more on social media platforms
• Other newsy highlights such as Social Pass prepares for its IPO and Rebel Foods joins the unicorn club

BIGGEST DEALS BY COUNTRY

How are Oyo’s numbers looking for its US$1.2 billion IPO?

Oyo, the India-based hospitality chain, did not have a good 2020. The company went through multiple furloughs and layoffs during the Covid-19 pandemic. But things seem to be looking up for the company as it prepares for its US$1.2 billion initial public offering, eyeing a valuation of up to US$12 billion. Let’s look at the juicy bits in its filings.

• Kaching!: SoftBank, which holds an over 46% share in Oyo, has offered to sell a stake worth US$179 million. And the Japanese conglomerate ain’t the only one – Grab’s A1 Holdings, China Lodging Holdings, and Global Ivy Ventures are also offloading some of their shares.
• Less kaching: The pandemic has battered Oyo’s annual revenue, which fell by nearly 70% from a pre-lockdown high of US$1.7 billion in the financial year ended (FYE) March 2020 to US$534 million in FYE 2021.
• Tightening the belt: Oyo reduced its expenses by 70% in FYE 2021 versus the previous year. The company mainly cut its employee cost benefits, which was one of its biggest expense drivers, as well as its advertising and sales promotions.

Read more: 6 key findings from Oyo’s $1.2b IPO filings

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