OYO to refile draft IPO papers with updates to Sebi by mid-February

The parent company of travel-tech firm OYO, Oravel Stays Ltd, on Wednesday, said it would refile its public listing application — Draft Red Herring Prospectus (DRHP) — with the Securities and Exchange Board of India (Sebi) by the middle of February 2023. Oravel Stays’ statement comes almost two weeks after the markets regulator asked the company to refile the draft initial public offering (IPO) papers with certain updates.

In September 2021, OYO filed preliminary documents with Sebi for an Rs 8,430 crore IPO. The launching of the IPO was delayed due to the then volatile market conditions making the company prepare to settle for a lower valuation of $7-8 billion instead of the $11 billion it was targeting initially.

“We are working on updating all key sections simultaneously. Responsibilities have been divided among different teams, with senior company leaders driving the collaboration with the Book Running Lead Managers, essentially the IPO bankers, the lawyers and the auditors. We are keen on refiling the DRHP by the middle of February, if not earlier,” an official OYO spokesperson said on Wednesday while sharing the progress on the IPO refiling exercise.