The Securities and Exchange Board of India has asked travel-tech firm OYO’s parent Oravel Stays Ltd, to refile the draft IPO papers with certain updates. The move might delay the hospitality unicorn’s initial public offering (IPO).
The markets regulator returned the company’s draft red herring prospectus (DRHP) and asked the firm to refile it with applicable updates/revisions. However, the regulator has not elaborated on the updates or revisions required in the draft documents.
OYO filed preliminary documents with the market regulator in 2021 for a Rs 8,430 crore IPO, consisting 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.
The markets regulator had given OYO the permission to submit updated financials before it examined and processed the company’s application for IPO. Earlier, the company had filed a postscript to its DRHP which included its financials for the first half of FY23. It reported a profit of Rs 63 crore for the first half of FY23 as against a loss of Rs 280 crore a year ago.
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