New Delhi: OYO Agregator Hotels have received the principle approval of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) to register on the Exchange, according to the documents reviewed by TOI.
Companies that are headquartered Gurgaon has submitted initial documents for initial public offering (IPO) of RS 8,430 Crore, where the main problem of shares will be Rs 7,000 Crore and 1,430 Crore Rs will be an offer for sale from existing investors.
While the founder of Oyo, Ritesh Agarwal, who holds 33% of the shares in the company, cannot disburse its shares during the IPO process, the company’s largest investor, Japanese Softbank plans to collect around 2% of holding.
Softbank has 46% of the shares in Oyo.
Oyo submitted a design of Red Herring Prospectus (DRHP) with the effects & Exchange Board of India (SEBI) in September last year and has been in the process of responding to questions and clarification sought by regulators.
“The process is in the final stage and the last round of observations is expected in about 10 days,” said a source to TI.
Oyo was valued at around $ 9.56 billion in December when several investors, including the Eastern Qatar composite insurance company based in the Middle East (QIC) and several high-value individuals, bought shares in the IPO-bound company.
The assessment is similar to the last round of funds by Microsoft for the hotel aggregator.
OYO investors including Softbank, Sequoia Capital, Lightspeed Ventures, GreenOaks Capital, Airbnb and Hindustan Media Ventures, apart from Agarwal.
Developments come when companies recently registered such as Paytm, Nykaa, Zomato, Bazaar and Cartrade’s policies have faced choppy markets.
Sellloff in the last few weeks removed around RS 2 Lakh Crore from shares of companies faced by consumers who support this technology.