Oyo founder Ritesh Agarwal are trying to pull off a successful IPO after a series of setbacks in their efforts to change the hotel and lodging industry. (Photo: Bloomberg)
Oyo Hotels, the once high-flying Indian startup, is reviving plans for a stock-market debut after cost cuts and a recovery in travel helped it reduce losses.
The hotel-booking company filed fresh financial documents on Monday and is now targeting an initial public offering in early 2023 provided that India’s stock market continues to hold up and economic conditions improve, according to people familiar with the matter. Oyo, formally known as Oravel Stays Ltd., is internally working toward a January IPO as executives are encouraged by a pick-up in demand, they said, asking not to be named discussing confidential plans.
First Published: Sep 19 2022 | 11:04 AM IST