Ritesh Agarwal's Oravel Stays Ltd, which operates travel tech firm and brand OYO, on Wednesday said it will refile its draft public listing application by the middle of next month.
As reported by Outlook Start-Up on January 2, capital markets regulator Securities and Exchange Board of India (SEBI) had asked the company to refile the draft initial public offering (IPO) papers with certain updates.
"We are working on updating all key sections simultaneously. Responsibilities have been divided among different teams, with senior company leaders driving the collaboration with the Book Running Lead Managers, essentially the IPO bankers, the lawyers and the auditors.
"We are keen on refiling the draft red herring prospectus (DRHP) by the middle of February 2023, if not earlier," a company spokesperson said.
The company said SEBI in its letter had stated that "the disclosures contained in present DRHP do not take into account the material changes or disclosures arising from updated financial statements as filed through addendums leading to the revised period for disclosures which in turn leads to necessities to make material updates in risk factors, basis of offer price, outstanding litigations and update other relevant sections of DRHP".
OYO's last submission to SEBI was the updated financial results for the first half of the financial year 2022-23.
The company had earlier indicated that the process of refiling the comprehensive document could take up to 2-3 months.
In September 2021, OYO had filed preliminary documents with the SEBI for an Rs 8,430 crore IPO.
The launching of the IPO was delayed due to the then volatile market conditions making the company prepare to settle for a lower valuation at around $7-8 billion instead of the USD 11 billion it was targeting initially.
(with PTI Inputs)