Hospitality startup Oyo readying to file IPO papers in first quarter
Hospitality startup Oyo has started work on filing its draft red herring prospectus (DRHP) by the first quarter of the new financial year, sources said, marking its third attempt to go public. The impending initial public offering (IPO) is linked to ongoing shareholding restructuring undertaken by founder Ritesh Agarwal.
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Last week, ET reported that early investors Lightspeed Venture Partners and others are looking to sell stakes in the Gurgaon-based firm while Peak XV Partners has already sold shares worth $80-90 million. The IPO plans are also part of debt financing agreements undertaken by Agarwal for him to launch a public offering this calendar year.
“They (Oyo) are aiming to make a filing much before the end of first quarter but that's the idea,” a person aware of the matter said.
“The new investors—largely family offices—are interested in the IPO link so as to they can invest now and have an upside during a public offering,” another person aware of the matter said.
According to sources, three key groups of shareholders—founder Agarwal, SoftBank group, and HNI family offices—are expected to retain a key space on the company’s cap table ahead of the planned IPO filing, reflecting a consolidated ownership structure.
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