Companies

OYO to file for up to $1.2 billion-IPO next week

PTI New Delhi | Updated on September 23, 2021

Earlier, the board of Oravel Stays had approved an increase in authorised share capital of the company to ₹901 crore

Hospitality firm OYO is planning to raise between $1 billion to $1.2 billion through an initial public offering and is expected to file the draft red herring prospectus (DRHP) with SEBI next week, sources told PTI on Thursday.

OYO has appointed investment banks including JPMorgan, Citi and Kotak Mahindra Capital to manage its public issue, they added.

Comments from OYO could not be obtained at the time of filing the story.

Also see: Microsoft, Oyo to co-develop travel and hospitality products, tech

Last week, shareholders of Oravel Stays, OYO’s parent company, approved the conversion of the company from a private limited company to a public limited company, according to a regulatory filing.

Earlier, the board of Oravel Stays had approved an increase in the authorised share capital of the company from ₹1.17 crore to ₹901 crore.

In August, in an Registrar of Companies (RoC) filing, OYO had said that Microsoft Corporation has invested nearly $5 million (about ₹37 crore) in OYO through the issuance of equity shares and compulsory convertible cumulative preference shares on a private placement basis.

Published on September 23, 2021

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