Bengaluru: Softbank-Backed Oyo Hotels & Rooms have chosen JP Morgan, Mahindra Capital and Citi boxes for more than $ 1.2 billion in first public offering in India, MoneyControl Financial News website, quoting many industrial sources.
Three investment banks were taken on vessels recently, MoneyControl reported on Monday, quoting one source.
The work on this problem has begun, the report said, adding that the company leaned towards the domestic IPO but had made an open option.
Oyo and the three banks do not immediately respond to Reuters requests for comments.
The Head of Executive Offup of Hospitality Startup and the founder of Ritesh Agarwal said in July that his business is likely to return to the level seen before the second wave of Covid-19 infection in India and “grow from there”.
The hotel aggregator, where Softbank has 46% of the shares and is one of its biggest bets, has bear the months of layoffs, cutting costs and losses during the global health crisis.
However, by loosening travel track and increasing vaccination, demand for travel slowly took in India.
Microsoft Corp.
In July was in advanced talks to invest in Oyo with an assessment of $ 9 billion at the beginning of the OYO IPO, Reuters has reported, quoting a source familiar with this problem.