SoftBank-Backed Indian Startup OYO Revives IPO Plan: Bloomberg

SoftBank Group Corp SFTBF SFTBY backed Indian startup OYO Hotels is planning a stock market debut after a travel recovery-induced cost cut and loss reduction, Bloomberg reported.
The hotel-booking company aims for an initial public offering (IPO) in early 2023.
OYO had filed preliminary IPO documents in 2021 but shelved the listing plan earlier this year as COVID-19 hurt its growth and forced the company to cut jobs.
The company, started in 2013 by Ritesh Agarwal, got the backing of start investors like SoftBank and Lightspeed Venture Partners.
The Japanese conglomerate holds about 47% of the Gurgaon-based startup.
Due to the pandemic, OYO was forced to cut its rapid expansion strategy, giving up its plans in the U.S. and China.
The company will likely concentrate on four main regions: India, Malaysia, Indonesia, and Europe.
The report cited researcher CB Insights that OYO is currently valued at $9 billion.
Price Action: SFTBY shares closed at $18.77 on Friday.
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