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.
  • Photo Via Wikimedia Commons
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