OYO may file for a $1 billion IPO next week
- OYO is planning to raise somewhere between $1-1.2 billion with this public issue, as per media reports.
- The offer will consist of both fresh as well as a secondary issue to provide exit opportunities to existing shareholders.
- OYO has reportedly shortlisted investment banks JP Morgan, Kotak Mahindra Capital and Citi for this public issue.
The company is planning to raise somewhere between $1-1.2 billion with this public issue, according to a TechCrunch report citing unnamed sources. The report further added that the offer will consist of both fresh as well as a secondary issue to provide exit opportunities to existing shareholders.
Business Insider has reached out to OYO, seeking comments on the same.
AdvertisementAccording to media reports published last month, OYO had shortlisted investment banks JP Morgan, Kotak Mahindra Capital and Citi for this public issue.
OYO was founded in 2013 by Ritesh Agarwal, who is the second youngest self-made billionaire in the world after American model and entrepreneur Kylie Jenner. It has spread its presence across 800 cities in 80 countries. The company claims to have a network of over 100,000 small hotels and homeowners.
Over the years, OYO has received backing from some big names of the investment world. This includes SoftBank, Citadel, AirBnb, didi and more. Microsoft was the latest investor in the company. It pumped in $5 million, at a valuation of $9.6 billion.
|Total funding||$4 billion|
|Last reported valuation||$9.6 billion|
|Key investors||SoftBank, Airbnb, Sequoia|
|Revenue (FY19)||₹3,749 crore|
|Loss (FY19)||₹456 crore|
The hotels and hospitality giant has raised over $4 billion to date.
OYO raised $660 million in debt from undisclosed institutional investors to repay its past debts, strengthen balance sheets and boost product technology. "OYO is well capitalised and on the path of achieving profitability. Our two largest markets have demonstrated profitability at the slightest signs of industry recovery from the COVID-19 pandemic," the company’s chief financial officer Abhishek Gupta had said.
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