SoftBank-backed Indian start-up Oyo files for $1.2 billion IPO

According to draft papers filed with India’s market regulator, Indian hotel company Oyo plans to raise roughly 84.3 billion rupees ($1.16 billion) in an initial public offering.

Oyo intends to issue up to 70 billion rupees worth of new shares, while existing shareholders may sell up to 14.3 billion rupees worth of shares. SoftBank Vision Fund, Lightspeed Venture Partners, and Sequoia Capital India are among the company’s major backers.

The coronavirus pandemic has wreaked havoc on the hospitality industry, prompting one Indian hotel operator to lay off workers to cut expenses and losses.

Zomato, a food delivery service, made its market debut in July. Paytm has filed for an initial public offering (IPO) worth $2.2 billion. When Ola, a ride-hailing company, goes public, it plans to raise to $1 billion. Flipkart, a Walmart-owned e-commerce company, is also allegedly mulling a public offering.