OYO IPO: There is big news for IPO investors. Hospitality firm Oyo’s IPO is coming soon. This hospitality firm plans to raise $ 100 million (Rs 7373 crore) – $ 120 million (Rs 8847 crore) through IPO.
Oyo is likely to submit a draft red herring prospectus (DRHP) with market regulator SEBI next week to raise funds through the IPO.
According to information received from sources, Oyo has appointed investment banks like JP Morgan, Citi, and Kotak Mahindra Capital for this IPO. No response has been received from Oyo regarding this IPO.
Approval was given to form a public company last week
Last week, shareholders of Oravel Stays, the parent company of hospitality firm Oyo, approved the transition of the company from a private limited company to a public limited company.
This has been disclosed from regulatory filings. Earlier, the board of Orwell Stage had approved to increase the authorized share capital of the company from Rs 901 crore to Rs 1.17 crore.
Microsoft also has an investment in Oyo
In a Registrar of Companies (RoC) filing in August, Oyo had informed that Microsoft Corporation had invested in the company. According to the information received, Microsoft has invested about Rs 37 crore in Oyo.
The investment was made through the issue of equity shares and compulsorily convertible cumulative preference shares on a private placement basis.