Four reasons why global brokerage Bernstein is bullish on IPO-bound Oyo

Oravel Stays (Oyo) has filed its offer document with market regulator Sebi for a Rs 8,430-crore IPO. Oyo is a platform connecting hotels and homes with the end consumer. The New Delhi-based firm joins the new-age firms like Zomato, Paytm, PolicyBazaar and Nykaa who are listed or looking to list in India. Global brokerage Bernstein this week issued a pre-IPO note in the firm, which has backing of firms like Softbank, Microsoft and AirBnB. Oyo’s IPO pricing will be announced closer to its IPO dates. In the note Bernstein highlights structural drivers for the company. Excerpts from the report:

Large addressable