OYO eyes $1 billion via IPO, to file DRHP next week: Report
Earlier, the board of Oravel Stays had approved an increase in the authorised share capital of the company from Rs 1.17 crore to Rs 901 crore.
Hospitality firm OYO is mulling to raise between $1 billion to $1.2 billion through an initial public offering (IPO) and is expected to file papers with the market regulator Securities and Exchange Board of India (Sebi) next week, according to reports. The media report further added that the company has appointed investment banks like Citi, Kotak Mahindra Capital and JP Morgan to manage its upcoming initial share sale process.
Of late, shareholders of Oravel Stays, the parent company of OYO, gave their approval for the conversion of the hospitality firm from a private limited company to a public limited company.
Earlier, the board of Oravel Stays had approved an increase in the authorised share capital of the company from Rs 1.17 crore to Rs 901 crore.
In August, in a Registrar of Companies (RoC) filing, OYO had said that Microsoft Corporation has invested nearly $5 million (about Rs 37 crore) in OYO through the issuance of equity shares and compulsory convertible cumulative preference shares on a private placement basis.