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OYO Likely To Postpone IPO By Three Months: Report

The development came after the Securities and Exchange Board of India ( SEBI) requested the New Delhi-based unicorn to update its draft IPO papers

OYO Likely To Postpone IPO By Three Months: Report
POSTED ON January 02, 2023 6:58 PM

Ritesh Agarwal-led travel tech start-up OYO is likely to postpone its initial public offering ( IPO) by three months, The Economic Times reported. 

The development came after the Securities and Exchange Board of India ( SEBI) requested the Gurgaon-based unicorn to update its draft IPO papers. The regulatory body wanted its risk factors, pending lawsuits, key performance indicators and the basis of the valuation to be updated. 

Earlier, the company had plans to launch its IPO in the first half of this year. 

“It would only be prudent to expect investors to put in the money based on the latest information, and we have been asked to provide the latest disclosures at the appropriate pre-IPO stage. This is the most sensible course of action now,” ET reported citing a source familiar with the development. 

“It may also shift the IPO plans by two-three months, but we will be able to show a full financial year of EBITDA profits in the process,” the report added. 

Recently, the company filed an addendum to SEBI, where it added its financial statements for the last three years. It also added that potential investors need to be updated with the material uptick in its business performance since the launch of the IPO application. 

In the first six months of the financial year (FY) 2023, it achieved an EBITDA of Rs 63 crore. It witnessed a 24 per cent year-on-year increase in its revenue and a 69 per cent increase in the monthly gross booking value. In FY22, it earned Rs 4,905 crore as revenues. 

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