Oyo files to raise $1.1 bn in IPO after refashioning business model

The filing of the draft red herring prospectus of Oyo, which is officially known as Oravel Stays, marks a dramatic recovery after the pandemic buffeted the travel and hospitality industry

Hotel-booking startup Oyo Hotels & Homes filed a draft prospectus on Thursday for an 84.3 billion rupee ($1.1 billion) initial public offering, joining the rush of technology unicorns seeking a listing on Indian stock exchanges after a world-beating stock rally.

The SoftBank Group Corp. and Airbnb Inc.-backed firm plans to raise 70 billion rupees through the sale of new shares, according to the filing. The rest will be secondary shares or those sold by existing stockholders. The startup was last valued at about $9 billion, according to CB Insights, making it India’s third most valuable startup.  

Founder Ritesh Agarwal, his