BREAKING NEWS

Odisha-Born Entrepreneur’s Oyo Hotels To File For $1.2 Billion IPO Next Week

By
OB Bureau

Bhubaneswar: SoftBank Group-backed Indian hospitality startup Oyo Hotels and Rooms is expected to file for an initial public offering (IPO) next week to raise around $1 billion, Reuters reported on Thursday.

Oyo, in which SoftBank owns a 46 per cent stake and is one of its biggest bets, suffered months of layoffs, cost-cuts and losses during the global health crisis.

Its Odisha-born founder and Chief Executive Ritesh Agarwal had said in July that business was likely to return to levels seen before the second wave of COVID-19 infections in India and “grow from there”.

 

The hotel aggregator is looking to list in India’s financial capital of Mumbai and its IPO is tentatively pegged at between $1 billion and $1.2 billion, the report said quoting a source, adding it will consist of a fresh issue of shares and an offer for sale from existing shareholders.

However, there has been no official confirmation from Oyo.

The listing plan follows a stellar debut by food delivery firm Zomato Ltd in July. Berkshire Hathaway Inc-backed Paytm and private equity firm TPG-backed Nykaa have also filed for IPO. Ride-hailing firm Ola, also backed by SoftBank, is set to enter markets too.

Notably, last month, Oyo received a $5 million investment from Microsoft Corp. Kotak Mahindra Capital, JP Morgan and Citi are the bankers advising Oyo on the IPO, the source said.

OB Bureau

Recent Posts

Man Stabs Brother-In-Law To Death In Odisha’s Sundargarh

Sundargarh: Police arrested a man for allegedly killing his brother-in-law for torturing his sister in…

March 28, 2024

Heavyweight Collaboration: In A First, Reliance Picks Up 26% Stake In Adani Power Project

Mumbai: This is what you call a heavyweight collaboration. In a first-of-its-kind collaboration between rival…

March 28, 2024

PDS Queues Longer, Market Price Of Rice Higher As Kashmir Ditches Paddy For Apple Crop, Urbanisation

Mohammad Aatif Ammad Kanth Anantnag (Jammu & Kashmir): On a chilly winter morning, Irshad Bhat…

March 28, 2024

Odisha Polls: Former Chitrakonda MLA Dambaru Sisa Resigns From BJD

Bhubaneswar: The former MLA of BJD from Chitrakonda in Odisha's Malkangiri district, Dambaru Sisa, on…

March 28, 2024

LS Polls: JMM Nominates Anjani Soren For Odisha’s Mayurbhanj Seat

Bhubaneswar: The Jharkhand Mukti Morcha (JMM) has announced Anjani Soren as its candidate for Lok…

March 28, 2024

IESA Signs MoU With Bhubaneswar’s BCKIC To Work In Critical Minerals & Energy Sector

Bhubaneswar: India Energy Storage Alliance (IESA) signed a Memorandum of Understanding with Bhubaneswar City Knowledge…

March 28, 2024

Vigilance Nabs OSD In Odisha’s Nuapada Collectorate While Taking Bribe Of Rs 30,000

Bhubaneswar: Odisha Vigilance on Thursday apprehended an officer in the collectorate of Nuapada district while…

March 28, 2024

Odisha Javelin Star Kishore Jena Set For Diamond League Debut; Neeraj Chopra Among Strong Field

Bhubaneswar: Odisha’s star javelin thrower Kishore Jena had a stellar season in 2023. And he’s…

March 28, 2024