OYO Is Likely To IPO Around Diwali; IPO Size May Be Reduced To $800 Mn

OYO, which filed its Draft Red Herring Prospectus (DRHP) in October last year with the intention of raising $1.2 billion (INR 8,430 crore) through an initial public offering (IPO), is now considering an issue size of $800 million, down 33% from its previous expectations. The company, which has yet to gain SEBI's approval for its IPO, has written to the market regulator, requesting permission to file FY22 financial results, which demonstrate an increase in business following the second Covid-19 wave.