Oyo IPO is all set to hit the markets as it prepares to file the draft prospectus (DRHP) as early as week.As per reports, the budget hospitality chain is planning to peg its initial offering at around $1 billion or Rs 7,500 crore. The issue will include fresh issue of shares and some offer for sale from its existing investors.
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The IPO papers are ready, and bankers are waiting for final approval from the company before filing it with the Securities and Exchange Board of India, ET reported quoting sources.
Microsoft recently invested $5 million in the hotel firm, giving Oyo a valuation of nearly $9.6 billion. The startup, in which SoftBank owns a 46% stake and is one of its biggest bets, has endured months of layoffs, cost-cuts and losses during the global health crisis.