OYO to reduce proposed IPO by two-thirds: Report
05 November 2024
SoftBank-backed budget hospitality brand Oyo will pare down the shares it plans on selling with its public market debut by two-thirds, reducing the amount of fresh capital it is expected to raise, said media reports. A report by Bloomberg said that the company was looking to file a fresh document for its Initial Public Offering (IPO) as soon as this week. However, OYO has reduced its offer-for-sale of shares keeping in view dipping technology stock valuations in the current market. The report quoted anonymous sources stating that OYO’s current investors do not plan on selling their shares as part of the IPO.
SoftBank-backed budget hospitality brand Oyo will pare down the shares it plans on selling with its public market debut by two-thirds, reducing the amount of fresh capital it is expected to raise, said media reports. A report by Bloomberg said that the company was looking to file a fresh document for its Initial Public Offering (IPO) as soon as this week. However, OYO has reduced its offer-for-sale of shares keeping in view dipping technology stock valuations in the current market. The report quoted anonymous sources stating that OYO’s current investors do not plan on selling their shares as part of the IPO.
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