SEBI asks OYO to update and refile draft IPO papers
- ByStartupStory | January 3, 2023
The Securities and Exchange Board of India (SEBI) has asked Oravel Stays Ltd, the parent company of travel-tech firm OYO, to refile the draft IPO papers with certain changes. This is expected to push back OYO’s initial public offering (IPO). If market and economic conditions permit, OYO was planning to launch its offering in early 2023.
The hospitality unicorn has filed preliminary documents with Sebi in September 2021 for an 8,430 crore IPO. The proposed offering includes a fresh issue of shares of up to 7,000 crore and an offer-of-sale up to 1,430 crore. Meanwhile, OYO Founder and Group CEO Ritesh Agarwal said, “The company witnessed a record 4.5 lakh-plus bookings on New Year’s eve, its highest bookings per hotel per day for India in the last 5 years.”
Agarwal spoke about the “busiest day of the year” for the travel technology company in a series of tweets, noting that OYO saw higher bookings in Varanasi than in Goa.
“Over 450k-plus bookings were made on this New Year’s Eve globally. This is 35 per cent more than last year. We are also seeing the highest bookings per hotel per day for India in the last 5 years,” Agarwal informed.
Earlier, the company filed an addendum to its DRHP that included financials for the first half of FY23. It reported a profit of 63 crore for the first half of FY23, compared to a loss of 280 crore the previous year.
Revenues for the first half of FY23 (April-September) surged 24% year on year to 2,905 crore. Aside from improving operating performance, the company has a cash corpus of Rs. 2,785 crore, according to the Sebi filing. OYO Hotels & Homes, is an Indian multinational hospitality chain that operates leased and franchised hotels, homes, and living spaces. It was founded in 2012 by Ritesh Agarwal.
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