Oyo to postpone its public issue by a quarter

2 Jan 2023 , 09:33 AM

As per the reports of Economic Times, the IPO of tech hospitality startup Oyo is likely to postpone by another three months as the market regulator SEBI has asked the company to file updated draft papers.

The company has been asked to update information such as risk factors, key performance indicators (KPIs), outstanding litigations and basis for valuation in the draft red herring prospectus.

Earlier the IPO was supposed to launch in the first half of 2023.

Oyo has submitted its IPO application in September 2021 and recently submitted an addendum to the DRHP which includes financial numbers of first half of financial year 2022-23 to SEBI. This comes as company wants to make potential investors aware of the material uptick in its business performance.

In recent developments, the company has reported a maiden positive adjusted EBITDA of Rs 63 crore, a 24% YoY increase in revenue and 69% increase in monthly booking value (GBV per month) for its hotels for the first six months of financial year 2023.

Therefore, SEBI has asked the company to also update the other material information.