Shadine Taufik · · 1 min readOyo eyeing IPO after September, may slash valuation to at least $7b
Indian hospitality chain Oyo plans to go ahead with its public listing after September this year, sources told The Economic Times.
The firm chose to delay its IPO until its financial performance improves and to dodge market volatility.
Oyo has written to stock market regulator Securities and Exchange Board of India (SEBI) to file its updated financial information. The company had previously filed preliminary papers with SEBI in October 2021 to raise over US$1 million through an initial share sale.
Due to stock market changes, Oyo is also looking to reduce its IPO valuation to US$7 billion to US$8 billion from the orginal target of US$11 billion. The firm’s draft red herring prospectus showed a US$244,000 loss in fiscal year 2021.
Oyo initial listing plan included a fresh issue of equity shares amounting to US$902,000 primary issue and a US$184,000 offer for sale. However, it seems that the company will settle for only the former.
See also: These are the most active investors in India’s startups
Ediitng by Miguel Cordon and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
