Sebi returns OYO’s draft IPO papers, asks to refile with certain updates

Market


The Securities and Exchange Board of India (SEBI) has asked Oravel Stays Ltd, the parent company of travel-tech firm OYO, to refile the draft IPO papers with certain updates.

The capital markets regulator returned the travel-tech firm’s draft red herring prospectus (DRHP) on 30 December last year and has asked the company to refile it with applicable updates/ revisions, as per an update with Sebi’s website today.

However, the regulator is yet to elaborate on the updates or revisions required in the draft documents.

This is expected to delay OYO’s initial public offering (IPO). OYO was targetting an early 2023 offering if market and economic conditions allow.

The Gurugram-based hospitality unicorn filed preliminary documents with Sebi in September 2021 for a 8,430 crore IPO.

The proposed offering consists of a fresh issue of shares of up to 7,000 crore and an offer-for-sale of as much as 1,430 crore.

Earlier, the firm had filed an addendum to its DRHP, which included its financials for the first half of FY23. It reported a profit of 63 crore for the first half of FY23 as against a loss of 280 crore a year ago.

The firm’s revenues in the first half (April-September) of FY23 grew 24% year-on-year to 2,905 crore. Apart from improving operating performance, the company has a cash corpus of 2,785 crore, the filing to Sebi showed.

The markets regulator had given OYO the permission to submit updated financials before it examined and processed the company’s application for IPO.

Meanwhile, OYO Founder and Group CEO Ritesh Agarwal said that the company witnessed a record 4.5 lakh-plus bookings on New Year’s eve, its highest bookings per hotel per day for India in the last 5 years.

In a series of tweets, Agarwal spoke about the “busiest day of the year” for the travel technology company and shared that OYO saw higher bookings in Varanasi as compared to Goa.

“Over 450k-plus bookings were made on this New Year’s Eve globally. This is 35 per cent more than last year. We are also seeing the highest bookings per hotel per day for India in the last 5 years,” Agarwal informed.

With agency inputs


Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.

Take the test

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less



Source link

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments