As a result, Oyo’s IPO process has been delayed, according to informed sources. The IPO papers were filed with SEBI by Oyo in September 2021. The initial filing stated that Oyo is seeking to raise Rs 8,430 crore from the market through an initial public offering. The proposal paper said the company will issue fresh shares worth Rs 7,000 crore and the number of shares in the offer-for-sale is around Rs 1,430 crore. According to the Sebi website, the IPO papers filed by Oyo on December 30, 2022 have been returned by the regulator. Also instructed to add necessary information, modify it and refile it again.
Oyo had earlier reported the company’s first quarter results for fiscal year 2023. There they showed that the company made a profit of Rs 63 crore. But the year before that the company had a loss of Rs 280 crore. The first quarter of FY 2023 (April-September) was 24% higher than the same period in FY 2022. Total revenue stood at Rs 2905 crore. Excluding operating performance, the company has cash of Rs 2,785 crore, the filing with Sebi showed. OYO has been allowed to file fresh documents by SEBI. According to sources in the regulatory body, the application will be scrutinized and a decision will be taken regarding the IPO after submission.
Incidentally, according to Oyo sources, the number of hotel bookings in the country under the company crossed 4.5 lakh on New Year’s Eve. The company said it was the highest in last 5 years in terms of bookings per hotel per day. Statistics also reveal that the number of hotel bookings this year on New Year’s Eve is about 35% higher than on New Year’s Eve 2021.