Oyo files DRHP for $1.2 bn IPO; founder, key investors not diluting stake

In the DRHP, the firm says its app has been downloaded 100 million times and its major focus geographies are India, Malaysia, Indonesia and Europe

The Covid-19 pandemic may have battered the hospitality sector across the globe, but it hasn’t deterred Ritesh Agarwal-led Oravel Stays (Oyo) from going public through an initial public offering (IPO).

The Gurugram-based travel technology company filed the draft red herring prospectus (DRHP) for its Rs 8,430 crore ($1.2 billion) IPO with the Securities and Exchange Board of India (Sebi) on Friday. According to sources, Oyo is looking for a valuation of $11-12 billion.

The company was valued at $9.6 billion after it raised $5 million from Microsoft in August. The offer comprises a fresh issue of equity shares worth Rs 7,000 crore