Oyo to file for $1.2 bn IPO next
week, sees recovery after
Oyo to file for $1.2 bn IPO next week, sees recovery after pandemic: report on Business Standard. Startup
has endured months of layoffs, cost-cuts and losses during the coronavirus outbreak.
Companies News SoftBank Group-backed Indian hospitality startup
Oyo Hotels and Rooms is expected to file for an initial public offering
(IPO) next week to raise around $1 billion, a source told Reuters on
The hotel aggregator is looking to list in India's financial capital of
Mumbai and its IPO is tentatively pegged at between $1 billion and $1.2
billion, the source said, adding it will consist of a fresh issue of shares
and an offer for sale from existing shareholders.
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$1 bn via US listing
The listing plan follows a stellar debut by food delivery firm Zomato
Ltd in July. Berkshire Hathaway Inc-backed Paytm and private equity
firm TPG-backed Nykaa have also filed for IPO.
Ride-hailing firm Ola, which is also backed by SoftBank, is also set to
enter markets. Oyo, in which SoftBank owns a 46% stake and is one of
its biggest bets...Read more.
News Source : BS / Business Standard