IPO-bound Oyo gets NSE and BSE approvals for listing

Must read

NEW DELHI: Hotel aggregator Oyo has received in-principle approvals from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to list on the bourses, as per documents reviewed by TOI.
The Gurgaon-headquartered company has filed preliminary documents for an initial public offering (IPO) of Rs 8,430 crore, of which primary issue of shares would be Rs 7,000 crore and Rs 1,430 crore will be an offer for sale from existing investors.
While Oyo’s founder, Ritesh Agarwal, who holds 33% stake in the company, is unlikely to dilute his shares during the IPO process, the company’s largest investor, Japan’s Softbank plans to offload around 2% of its holding. Softbank has 46% stake in Oyo.
Oyo filed its draft red herring prospectus (DRHP) with the Securities & Exchange Board of India (Sebi) in September last year and has been in the process of responding to the questions and clarifications sought by the regulators.
“The proceedings are in the final stages and the last rounds of observations are expected in about 10 days,” a source told TOI.
Oyo was valued at around $9.56 billion in December when several investors, including Middle East-based composite insurer Qatar Insurance Company (QIC) and a few high net worth individuals, purchased stakes in the IPO-bound company.
The valuation was similar to the last round of funding by Microsoft for the hotel aggregator.
Oyo’s existing investors include Softbank, Sequoia Capital, Lightspeed Ventures, Greenoaks Capital, Airbnb and Hindustan Media Ventures, apart from Agarwal.
The development comes at a time when recently listed companies such as Paytm, Nykaa, Zomato, Policy Bazaar and CarTrade have been facing choppy markets.
The selloff in the past few weeks deleted around Rs 2 lakh crore from the stocks of these tech-enabled consumer-facing companies.


Source link

More articles

- Advertisement -


- Advertisement -

Latest article