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OYO IPO: Oyo Hotels, a tech company associated with the travel and hotel sector, has received a major setback from the stock market regulator SEBI. SEBI has returned the draft paper filed for the IPO of Oyo’s parent company Oravel Stays. SEBI has asked the company to file a draft paper for re-IPO with some updates.
SEBI returned IPO draft paper
SEBI returned the draft paper of Oravel Stays only on December 30, 2022 and asked to file DRHP again with new updates. This information has come out from the website of SEBI. However, it has not been told what kind of other information the regulator of the stock market has asked the company to disclose. With this move of SEBI, it is believed that SEBI’s IPO may be further delayed. Earlier the company was planning to launch the IPO in early 2023.
DRHP was filed in September 2021
Unicorn company Oyo filed a draft paper with SEBI in September 2021 to bring IPO. The company was looking to raise Rs 8430 crore through IPO. In which the target was to raise Rs 7000 crore through fresh issue and Rs 1430 crore through offer for sale.
great booking on new year
In the first half of 2022-23, the company’s revenue has seen a jump of 24 percent and it has been Rs 2905 crore. The company also has a cash reserve of Rs 2785 crore. The business of the company has been excellent on the new year. According to Ritesh Agarwal, Founder and Group CEO of Oyo, on the occasion of New Year, the company has recorded more than 4.5 lakh bookings, which is 35 percent more than last year. In which maximum booking has been seen in Varanasi.
Tech based IPO disappointed
The IPOs of tech-based companies have disappointed the stock market and investors. Shares of Paytm, Cartrade, Policybazar, Zomato are trading below their IPO price. In such a situation, OYO will bring an IPO by looking at the sentiment of the market.
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