To raise cash and satisfy its debts, the corporation will issue new shares. Also, the DRHP has been submitted in a smaller size.
Oyo, a hotel aggregator funded by Softbank, has submitted private “pre-filing” papers for a possible scaled-down initial public offering.
The business first sought to go public in 2021, with an IPO target of 84.3 billion Indian rupees ($1.02 billion), however the share offering was postponed at the time.
According to the source, Oyo is now looking for an IPO size of $400 million to $600 million, and the secret filing option allows the business to adjust the size of the issue until an updated file is submitted with the market regulator.
Oyo, founded in 2013 by Ritesh Agarwal, recently let off staff at a time when high-flying digital startup values have plummeted. Nevertheless, a number of Indian companies have postponed or cancelled their IPO plans owing to unfavourable market circumstances.
Mamaearth, a skincare firm, has put its IPO on hold, a month after similar choices by garment retailer Fabindia and jewellery store Joyalukkas. he Securities and Exchange Board of India (SEBI) established the secret pre-filing option last year in an effort to protect firms’ sensitive business information.
Companies in India normally submit a draught prospectus with SEBI, which includes regulatory disclosures and is also made available for comments for at least 21 days. Subsequently, after integrating any regulatory and other input, a final prospectus is filed for approval again.
