SoftBank-backed Oyo to file for $1.2 bln IPO next week – source

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The emblem of OYO, India’s largest and fastest-growing resort chain, is seen put in on a resort constructing in New Delhi, India, April 3, 2019. REUTERS/Adnan Abidi/File Photograph

BENGALURU, Sept 23 (Reuters) – SoftBank Group -backed Indian hospitality startup Oyo Lodges and Rooms is predicted to file for an preliminary public providing (IPO) subsequent week to lift round $1 billion, a supply advised Reuters on Thursday.

The resort aggregator is seeking to listing in India’s monetary capital of Mumbai and its IPO is tentatively pegged at between $1 billion and $1.2 billion, the supply mentioned, including it would include a contemporary problem of shares and a suggestion on the market from current shareholders.

Oyo didn’t instantly reply to a request for remark.

The itemizing plan follows a stellar debut by meals supply agency Zomato Ltd in July. Berkshire Hathaway Inc-backed Paytm and personal fairness agency TPG-backed Nykaa have additionally filed for IPO. Journey-hailing agency Ola, which can also be backed by SoftBank , can also be set to enter markets.

Oyo, during which SoftBank owns a 46% stake and is one in all its greatest bets, has endured months of layoffs, cost-cuts and losses in the course of the world well being disaster.

Its founder and Chief Govt Ritesh Agarwal had mentioned in July that enterprise was more likely to return to ranges seen earlier than the second wave of COVID-19 infections in India and “develop from there”.

Final month, Oyo acquired a $5 million funding from Microsoft Corp . Kotak Mahindra Capital, JP Morgan and Citi are the bankers advising Oyo on the IPO, the supply mentioned.

Reporting by Chandini Monnappa and Rama Venkat in Bengaluru; Enhancing by Arun Koyyur


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