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FHRAI requests Sebi to halt Oyo's IPO once more.
The Federation of Hotel and Restaurant Associations of India (FHRAI) has again requested the Sebi to postpone Oyo's initial public offering (IPO), noting the company's enormous losses in previous years.
According to the FHRAI, Oyo lost Rs 3,943.84 crore in 2020-21 (FY21), which translates to a loss of roughly Rs 76,077 every minute. Oyo has been losing money since its beginning in 2013, according to the organisation, and its overall turnover has dropped by 69 percent from Rs 13,413 crore in 2020 to Rs 4,157 crore in 2021. The SoftBank-backed company's IPO, according to FHRAI, will simply deplete public money while rewarding its founders and senior personnel.