Oyo plans to file for $1 bn IPO next week

SoftBank Group-backed hospitality startup Oyo Hotels and Rooms is expected to file for an initial public offering (IPO) next week to raise around $1 billion, Reuters reported.
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The hotel aggregator is looking to list in India. Its IPO is tentatively pegged at between $1 billion and $1.2 billion, the source said, adding it will consist of a fresh issue of shares and an offer for sale from existing shareholders.

The listing plan follows a stellar debut by online food delivery firm Zomato in July. Berkshire Hathaway-backed Paytm and PE firm TPG-backed Nykaa have also filed for IPO. Ride-hailing firm Ola, which is also backed by SoftBank, is also set to enter markets.

Oyo, in which SoftBank owns a 46 percent stake and is one of its biggest bets, has endured months of layoffs, cost-cuts and losses during the global health crisis.

Oyo received a $5 million investment from Microsoft.