According to various sources familiar with the situation, Oyo Hotels & Homes is seeking to scale back the size of its initial public offering (IPO) in light of poor secondary market conditions and a drop in the stock prices of new-age Internet businesses. According to these sources, the IPO issue size will be substantially lower than $1 billion, despite Oyo's intention to raise $1.2 billion in its draught IPO documents filed with the markets regulator.