Bengaluru: Softbank Group-Hospitality Hospitality Startup Oyo and rooms are expected to submit an initial public offering (IPO) next week to collect around $ 1 billion, a source to Reuters on Thursday.
The hotel aggregator wants to make a list of Indian finance capitals from Mumbai and his IPO tentatively set between $ 1 billion and $ 1.2 billion, the source said, adding it will consist of new stock issues and offers for sale from existing shareholders.
Oyo did not immediately respond to a request for a comment.
Listing plans Following Star Debut by Food Shipping Firm Zomato Ltd in July.
Berkshire Hathaway Inc.
Backed Paytm and private equity companies supported by TPG Nykaa also submitted an IPO.
Firm Ride-Hailing Ola, which is also supported by Softbank, is also set to enter the market.
Oyo, where Softbank has 46% of the shares and is one of its biggest bets, has experienced layoff months, cutting costs and losses during the global health crisis.
Founder and Chief Executive Ritesh Agarwal said in July that the business is likely to return to the level seen before the second wave of Covid-19 infection in India and “grow from there”.
Last month, Oyo received an investment of $ 5 million from Microsoft Corp., Mahindra Capital box, JP Morgan and Citi were bankers who advised Oyo on the IPO, the source said.
Oyo hotels to file for $ 1.2bn IPO next week: Source
