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Samreen Ahmad · · 1 min readOyo reportedly filing for billion-dollar listing in Mumbai next week
“SoftBank Group-backed Indian hospitality startup Oyo Hotels and Rooms is expected to file for an initial public offering next week to raise around US$1 billion,” said a Reuters report, citing a source.
Details:
- The startup is seeking to raise between US$1 billion and US$1.2 billion from the listing in India, the source added. SoftBank holds a nearly 50% stake in Oyo.
- The startup, which has undergone a series of layoffs amid the Covid-19 pandemic, raised US$660 million in a senior secured syndicated credit facility from global institutional investors in July.
Dive deeper:
- Oyo is one of the latest to join a growing list of Asian tech startups going public. (Read: The leading Asian tech players eyeing an IPO in 2021)
- On Wednesday, Freshworks became the first Indian software-as-a-service startup to list on the Nasdaq after a US$1 billion IPO.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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