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India’s Oyo Makes a Second Try for IPO After Valuation Slumps
Oyo Hotels filed fresh documents for an initial public offering in India, facing a challenging market for startup debuts after technology valuations declined.
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The company has filed its IPO prospectus with Indian authorities, it said in an announcement in the Financial Express newspaper Saturday, without disclosing the amount it seeks, other financial details or advisers. In its original effort to go public in 2021, Oyo had filed to raise 84.3 billion rupees ($1 billion).
Founder Ritesh Agarwal, 29, has been working to put the hotels and lodging operation back on steady footing after the Covid pandemic eliminated global travel and led to yawning losses.
