Bengaluru: SoftBank Backed Oyo Hotels & Rooms has shortlisted JP Morgan, Kotak Mahindra Capital and Citi for an initial public offering of over $1.2 billion in India, financial news website Moneycontrol reported, citing multiple industry sources.
Three investment banks were recently taken on board, Moneycontrol quoted a source as saying on Monday.
Work has begun on the issue, the report said, adding that the company is leaning towards a domestic IPO but is keeping its options open.
Oyo and all three banks did not respond immediately Reuters‘ request for comment.
The hospitality startup’s chief executive officer and founder Ritesh Agarwal said in July that its business is likely to return to the levels seen before the second wave of Covid-19 infections in India and “grow from there”.
hotel aggregator softbank Owns a 46% stake and is one of its biggest bets, having endured months of layoffs, cost-cutting and losses during the global health crisis. However, with the easing of travel restrictions and increasing vaccinations, the demand for travel in India is gradually increasing.
microsoft corp Advanced talks were underway to invest in Oyo at a valuation of $9 billion in the prelude to Oyo’s IPO in July, Reuters reported, citing a source familiar with the matter.
Three investment banks were recently taken on board, Moneycontrol quoted a source as saying on Monday.
Work has begun on the issue, the report said, adding that the company is leaning towards a domestic IPO but is keeping its options open.
Oyo and all three banks did not respond immediately Reuters‘ request for comment.
The hospitality startup’s chief executive officer and founder Ritesh Agarwal said in July that its business is likely to return to the levels seen before the second wave of Covid-19 infections in India and “grow from there”.
hotel aggregator softbank Owns a 46% stake and is one of its biggest bets, having endured months of layoffs, cost-cutting and losses during the global health crisis. However, with the easing of travel restrictions and increasing vaccinations, the demand for travel in India is gradually increasing.
microsoft corp Advanced talks were underway to invest in Oyo at a valuation of $9 billion in the prelude to Oyo’s IPO in July, Reuters reported, citing a source familiar with the matter.
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