Certain reports have been published which indicate that OYO, the hospitality giant, has filed fresh papers with SEBI, following the publishing of positive results.
Oravel Stays Ltd., the hospitality and travel unicorn was founded by Ritesh Agarwal in 2013 and operated in Gurugram. In 2013, the company received Series-A funding and launched the OYO app. In 2015, the company expanded throughout India and made its place in 100 cities.
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In 2016, the company expanded to Malaysia, its first international destination. Following this, the company expanded throughout Asia, the UK, China, and Indonesia in 2018 & the US, the Middle East, and Europe in 2019. The app surpassed 100 million downloads in 2021.
The company had first filed for IPO in October last year where the company had planned to (reportedly) raise $1.1 billion. However, the company shelved its IPO plans in May 2022. However, positive results have compelled the company to revive its public listing plans.
The company reported a revenue of Rs 1,459.3 crores in the first quarter of FY23. Its loss for the quarter came in at Rs 414 crores while it had a positive EBITDA of Rs 7 crores during the quarter. Moreover, the company said that its revenues for FY22 grew 21% to Rs 4,781.4 crores, almost 50% reduction in losses with a 47% surge in gross bookings backed by recovery in travel demand.
In its IPO filing addendum, the company said that the proceeds of the IPO will be utilized for repayment or prepayment of certain borrowings availed by its subsidiaries, funding its growth initiatives and general corporate purposes.
The company has announced that it will be publishing its results for Q2FY23 by October. It is expected that SEBI would be considering the hospitality startup's filings for IPO after Q2FY23 results are published. The IPO is expected to float in the second half of FY23.
Kotak Mahindra Capital, Citigroup, ICICI Securities, Nomura, and Bank of America have been appointed as lead book managers for the public issue.
Article by Aman Agarwal.
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