New Delhi: The cheap hotel company OYO is coming up with IPO very soon. The company is said to be able to submit documents to SEBI next week for a $1 billion IPO. OYO has appointed investment banks like JP Morgan, Citi and Kotak Mahindra Capital to manage the IPO.
According to a regulatory notice, last week shareholders of Oravel stage, the parent company of OYO, approved the conversion of the company from a private limited company to a public limited company. Earlier, the Board of Oravel Stage had given the green signal to increase the authorized share capital of the company from Rs 1.17 crore to Rs 901 crores. The food delivery app was brought IPO by Zomato in July, which received tremendous investor love. Companies like Paytm and Nykaa are also gearing up to bring in IPO in the coming days. At the same time, Ola is also going to bring IPO. Overall, all the successful startups are currently boarding the IPO boat in the bull market.
Tell you that OYO hotels have SoftBank support and a 46 per cent stake. The hotel industry has suffered heavy losses due to the corona epidemic. OYO founder Ritesh Agarwal had said in July that business has once again started picking up after the second wave.
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