Oyo to file updated DRHP in February

18 Jan 2023 , 02:45 PM

Oyo parent company Oravel Stays is planning to file updated DRHP with the Securities and Exchange Board of India in February and expecting approval to float IPO by April 2024.

Oyo last submitted the DRHP in September 2021 for Rs 8,430 crore IPO. The proposed IPO consisted of a fresh issue of shares of up to Rs 7,000 crore and an offer-for-sale of as much as Rs 1,430 crore.

Oyo’s last submission was the updated financial results of the first half of financial year 2022-23. However, the market regulator has asked the company to refile the DRHP, updating all the relevant sections such as risk factors, KPI’s, outstanding litigations, basis for offer etc. in December 2022.

The updated financials reported the maiden positive adjusted EBITDA of Rs 63 crore, a 24% year-on-year increase in revenue and a 69% increase in monthly booking value (GBV per month) for the company’s hotels in the first six months of financial year 2023.