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A humbled Oyo will revisit an IPO at some point but market conditions weren’t appropriate.
Oyo, the India budget hotelier and homes business that once saw supercharged growth, has decided to withdraw its plans for an IPO in that country because the valuation would have been disappointing, according to a published report.
Bloomberg reported that after discussions with the company’s bankers, the board of the Softbank-backed company decided the timing wasn’t right for a public listing. The company could revisit the proposition next year, the story said.
The India-based budget hotel operator and aggegator filed its IPO paperwork with India regulators in October 2021, proposing a $10 billion to $12 billion valuation, and was looking at a $9 billion valuation three months later in January 2022, but the IPO has been in limbo pending approval by the Securities and Exchange Board of India.
This story is breaking. Please check back for updates.
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