Oyo Shortlists Investment Banks For $1.2 Billion IPO: Report

Oyo Hotels & Rooms has shortlisted JP Morgan, Kotak Mahindra Capital and Citi for a more than $1.2 billion initial share sale.

A financial news website said on Monday that SoftBank-backed hospitality startup Oyo Hotels & Rooms has chosen JP Morgan, Kotak Mahindra Capital, and Citi for a more than $1.2 billion initial share sale, citing various industry sources.

According to one of the individuals, money control said that the three investment banks were recently brought on board. The work on the initial public offering has begun, according to the article, with the corporation leaning toward a domestic launch but keeping its options open.

Oyo did not respond to a request for comment from Reuters immediately, and the three investment banks declined to comment.

Reuters reported in July that Microsoft Corp was in advanced talks to invest in Oyo at a $9 billion valuation as a preliminary to the company’s IPO, citing a source familiar with the situation.