OYO hotel chain has filed for IPO in India; plans to raise over $1 billion

Funds raised by the IPO will be used to pay off existing debt obligations and fund growth

OYO hotel chain has filed for IPO in India; plans to raise over $1 billion | BEAMSTART News

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OYO, one of the highest valued hotel chain startup companies from India, has just filed a prospectus to go public.

Unlike many other startup companies that go public outside their home countries, OYO plans to go public on India's stock exchange.

Details of the IPO

  • OYO plans to raise approximately $1 billion via their initial public offering.
  • The company plans to raise most of its capital via the sale of secondary shares.
  • Founder Ritesh Agarwal and SoftBank's Vision Fund are OYO's two largest shareholders, both holding a combined stake of 79% of the company.

Why It Matters

  • OYO has been seeking to go public even before the global pandemic struck. With travel bans and country-wide lock-downs, OYO's business was affected significantly.
  • Prior to this, OYO raised $660 million in debt financing to weather the pandemic and to explore other streams of revenue.
  • Funds raised by the upcoming IPO will be used to pay off existing debt obligations and fund growth — which would include mergers and acquisitions.

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