Oravel Stays Ltd, the parent company of travel-tech firm OYO, has been asked to refile its draft IPO (Initial Public Offering) papers by India’s Capital Market regulator, the Securities and Exchange Board of India (SEBI).
SEBI returned OYO’s Draft Red Herring Prospectus (DRHP) on December 30 last. The company has been notified to refile its draft with the applicable updates and revisions posted on SEBI’s website. SEBI has not elaborated on any specific updates to the draft papers.
OYO, India’s hospitality unicorn had filed its draft papers with the regulator for a sum of ₹8,430 crores in September 2021 with a target IPO in early 2023. The required update will delay the hospitality firm's IPO by a few months.
OYO’s CEO, Ritesh Agarwal tweeted “Over 450k+ bookings were made on this Year's Eve globally. This is 35% more than last year. We are also seeing the highest bookings per hotel per day for India in the last 5 years today.” The company appears to be on a positive note as it files for its IPO.
Oyo is a technology company that operates a network of hotels and homes. It was founded in 2013 and is based in Gurugram, India. Oyo offers budget-friendly accommodations, including hotels, vacation homes, and apartments, in various locations around the world. The company uses technology to manage properties and offer a consistent experience to travellers. It has received funding from investors and has expanded rapidly since its founding.
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