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The Oyo Hotel is likely to file an IPO of 8,000 rupees mega rupees next week.Important details you need to know

The IPO party on the Indian Stock Exchange is still going on, at which the new entrant is Softbank-backed Oyo Hotel and Room, who will apply for an IPO next week, Reuters reported. After the brilliant debut of food aggregator Zomato, hospitality startup OYO Hotels & Rooms is likely to be unveiled, aiming for around Rs. 7300 to Rs. 8800, between $ 1 billion and $ 1.2 billion. According to media reports, this consists of new share issuance and offerings from existing shareholders. Following Zomato, CarTrade, Paytm, PolicyBazaar, Nykaa and Mobikwik, Oyo will be the seventh Indian high-tech unicorn to deploy an IPO. Zomato and CarTrade are already doing an IPO, but other companies have filed documents with Sebi.

Hospitality startups tackled an existential crisis during the COVID-19 pandemic. At this time, the startup was at the mercy of this pandemic. Startups had to make layoffs and significant salary cuts during the pandemic. Oyo Hotels & Homes will appoint bankers and leadbook managers for the domestic listing and will submit a draft of the Red Herring Prospectus (DRHP) by mid-October, as reported by Mint.

The company has appointed Kotak Mahindra Capital, Citigroup, ICICI Securities, Nomura and Bank of America as lead underwriters for public affairs, the Mint newspaper reported.Of the overall problem, up to $ 250 million could be the sale of secondary shares, and Oyo’s early-stage investors could partially withdraw through this IPO.

OYO recently raised about $ 5 million in strategic investment from Microsoft, which operates in about 30 countries.For those unfamiliar, OYO uses technology stacks to help hoteliers determine the best price for a room, with discoveries with third-party hotel booking services such as booking.com and MakeMyTrip. Support integration

The company was recently worth $ 9.6 billion, with banks about $ 780 to $ 800 million three months ago and raised $ 660 million in debt in July. The company reported raising $ 660 million in debt funding from institutional investors around the world, including Fidelity Investments. According to the company, the proposed issuance was subscribed 1.7 times due to a commitment of nearly $ 1 billion from major institutional investors. Based on this response, the company said in a statement that debt transactions expanded by 10% to $ 660 million.

Retish Agruwar, which holds more than 30% of the company’s stake, is unlikely to offload its stake, many media publications report. The company, which was finally valued at $ 9 billion, is targeting a valuation of approximately $ 12-14 billion. Oyo Hotel and Rooms is actively investing in technology and recently announced a partnership with global technology giant Microsoft to develop smart room experiences for travelers, including customized indoor experiences. increase.

OYO Hotels and Rooms has made great strides since 2013. After eight years of establishment in India, the company has operations in 800 cities in more than 80 countries around the world. The company started its international business in 2018, starting with Malaysia. After that, it entered markets such as the United Kingdom, United Arab Emirates, Dubai, China, Singapore and Indonesia. In 2018, the company became a 100% leased and franchised hotel chain. Last week, shareholders of Oravel Stays, the parent company of hospitality company OYO, approved the conversion of the company from a limited company to a public limited company, according to a PTI report, according to a regulatory filing.

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The Oyo Hotel is likely to file an IPO of 8,000 rupees mega rupees next week.Important details you need to know

Source link The Oyo Hotel is likely to file an IPO of 8,000 rupees mega rupees next week.Important details you need to know

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