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MICROSOFT CORPORATION

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SoftBank-backed Oyo to file for $1.2 billion IPO next week - source

09/23/2021 | 12:24am EDT
FILE PHOTO: The logo of OYO, India's largest and fastest-growing hotel chain, is seen installed on a hotel building in New Delhi

BENGALURU (Reuters) -SoftBank Group-backed Indian hospitality startup Oyo Hotels and Rooms is expected to file for an initial public offering (IPO) next week to raise around $1 billion, a source told Reuters on Thursday.

The hotel aggregator is looking to list in India's financial capital of Mumbai and its IPO is tentatively pegged at between $1 billion and $1.2 billion, the source said, adding it will consist of a fresh issue of shares and an offer for sale from existing shareholders.

Oyo did not immediately respond to a request for comment.

The listing plan follows a stellar debut by food delivery firm Zomato Ltd in July. Berkshire Hathaway Inc-backed Paytm and private equity firm TPG-backed Nykaa have also filed for IPO. Ride-hailing firm Ola, which is also backed by SoftBank, is also set to enter markets.

Oyo, in which SoftBank owns a 46% stake and is one of its biggest bets, has endured months of layoffs, cost-cuts and losses during the global health crisis.

Its founder and Chief Executive Ritesh Agarwal had said in July that business was likely to return to levels seen before the second wave of COVID-19 infections in India and "grow from there".

Last month, Oyo received a $5 million investment from Microsoft Corp. Kotak Mahindra Capital, JP Morgan and Citi are the bankers advising Oyo on the IPO, the source said.

(Reporting by Chandini Monnappa and Rama Venkat in Bengaluru; Editing by Arun Koyyur)

By Chandini Monnappa


© Reuters 2021
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Financials (USD)
Sales 2022 192 B - -
Net income 2022 66 389 M - -
Net cash 2022 90 706 M - -
P/E ratio 2022 35,5x
Yield 2022 0,79%
Capitalization 2 333 B 2 333 B -
EV / Sales 2022 11,7x
EV / Sales 2023 10,2x
Nbr of Employees 181 000
Free-Float 99,8%
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Last Close Price 310,76 $
Average target price 337,02 $
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Satya Nadella Chairman & Chief Executive Officer
Bradford L. Smith President & Chief Legal Officer
Amy E. Hood Chief Financial Officer & Executive Vice President
James Kevin Scott Chief Technology Officer & Executive VP
Kirk Koenigsbauer COO & VP-Experiences & Devices Group
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