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Third time lucky? Oyo set to file draft prospectus for IPO in November
Hospitality company Oyo is again gearing up for a long-anticipated public listing, with reports indicating that it plans to file a draft red herring prospectus (DRHP) in November. With this issue, the company is said to be eyeing a valuation of $7-8 billion.
The SoftBank-backed company has seen signs of profitability in recent quarters, leading to a renewed push for its public listing. Market sources quoted by PTI suggest the issue size may be significant, making Oyo's public debut one of the largest in India in recent years.
ET had reported on May 27 that Oravel Stays, Oyo's parent, had invited pitches from merchant bankers for its IPO.
First two IPO attempts
This is not the first attempt by Oyo to hit the bourses. The company's IPO journey began in 2021, when it filed papers with the Securities and Exchange Board of India (Sebi) seeking to raise funds at a $12 billion valuation.
Oyo aimed to raise Rs 8,430 crore ($1.2 billion) through the public issue, with around Rs 7,000 crore ($950 million) through fresh issuance of shares and the balance through secondary share sales (offer for sale or OFS).
However, the Ritesh Agarwal-led company withdrew the draft papers due to market volatility triggered by the Covid-19 pandemic, among other macro factors, and decided to wait for better conditions.
The company then moved towards external funding. ET reported that Oyo had raised a funding round of $175 million in August led by founder Agarwal, who bought $100 million worth of shares. The round also saw participation from various family offices and private investors such as InCred Wealth, J&A Partners of Mankind Pharma promoters, ASK Financial Holdings and investor Ashish Kacholia.
The hospitality startup's valuation dipped to $2.5 billion during this round.
Oravel Stays refiled the DRHP, this time choosing to do it through the confidential pre-filing route in April 2023. The company submitted revised financials with greater transparency on key metrics due to the regulator's queries the previous time. ET had reported then that Oyo had reduced its issue size to $400-600 million, consisting entirely of freshly issued shares, with all the proceeds going to the company.
However, Sebi sent back the papers, seeking further clarifications and raised new questions around the company's valuation methodology and its ongoing legal disputes.
Take three
Now, with a third attempt underway, Oyo's leadership is banking on improved financials and market readiness to finally make its public market debut.
Discussions with key banking partners have ramped up in recent weeks. The valuation guidance is now pegged at $7-8 billion (around Rs 70 per share), potentially in the range of 25-30 times the Ebitda.
Financials
It was reported in May that as per the unaudited financials, Oyo's FY25 PAT (profit after tax) grew 172% from Rs 229 crore in the preceding year. It achieved an adjusted Ebitda of Rs 1,132 crore in FY25, compared to Rs 889 crore a year earlier, registering 27% growth and its tenth consecutive quarter of Ebitda profitability.
Source: EconomicTimes
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