OYO to file $ 1 billion IPO: report
New Delhi, September 23 (IANS): Hospitality giant OYO is looking to file an initial public offering (IPO) as early as next week, media reported.
According to TechCrunch, the seven-year-old startup, founded by Ritesh Agarwal, 27, plans to raise up to $ 1.2 billion during the IPO.
The aforementioned conditions could change slightly in the coming days and the startup could take a few more days to complete the documents, citing sources, according to the report.
Like Zomato and a handful of companies, including Paytm and PolicyBazaar, OYO plans to list on Indian exchanges, according to a source.
The company, which counts SoftBank, Lightspeed Partners and Airbnb among its investors and was recently valued at $ 9.6 billion, had around $ 780 million to $ 800 million in the bank three months ago (according to Agarwal’s public comment at conference) and raised $ 660 million in debt in July.
OYO, which recently raised about $ 5 million in a strategic Microsoft investment, operates in nearly three dozen countries, according to the report.
The startup, one of the South Asian country’s most valuable, has developed some sort of operating system to help hoteliers accept digital reservations and payments, he added.
OYO, using its technology stack, helps hoteliers determine the best price for a room and helps them discover and integrate with third-party hotel reservation services such as booking.com and MakeMyTrip.
Like most other players in the travel and hospitality industry, OYO has been hit hard by the pandemic but has made a significant recovery in recent months.