SoftBank-Backed Oyo Files to Raise $1.1 Billion in IPO
- Oyo joins a number of Indian unicorns filing to go public
- IPO marks a comeback for hotels startup after pandemic
India’s Oyo Hotels & Homes filed preliminary documents for an 84.3 billion rupee ($1.1 billion) initial public offering, joining the rush of technology unicorns seeking to list on the country’s exchanges after a world-beating stock rally.
The hotel-booking service, backed by SoftBank Group Corp. and Airbnb Inc., plans to raise 70 billion rupees through the sale of new shares, according to the filing. The rest will be secondary shares or those sold by existing stockholders. The startup was last valued at about $9 billion, according to CB Insights, making it India’s third most valuable startup.
Founder Ritesh Agarwal, his holding company RA Hospital Holdings and SoftBank Vision Fund -- the three largest shareholders -- are the promoters, according to the prospectus. SoftBank held 47% while Agarwal and his holding company had a combined 33% stake in the firm.