Oyo Reduced Planned IPO Size Know Reason Behind It

OYO IPO Update: Online hotel booking platform OYO is going to launch its IPO soon. Now big news is coming about this IPO. The company has decided to reduce the size of its Initial Public Offer (IPO). About two-thirds will be cut in this IPO. According to Money Control’s report, the company will file the draft paper (OYO IPO) for its IPO by this week. Under this IPO, the company will sell only one-third of the fresh shares. This will reduce the amount received by the company. Earlier, in September 2021, Oyo had submitted its documents to the Securities and Exchange Board of India (SEBI) for its IPO. After this, SEBI had asked Oyo to file again for the IPO with more information.

Why was the size of the IPO reduced?

OYO Founder Ritesh Agarwal’s intention behind reducing the size of the IPO is that he wants to reduce the financial pressure on himself. That’s why he is trying to push Oyo’s IPO with weak terms. It is worth noting that in comparison to the year 2020, 2021, now the tourism industry is witnessing a boom. The founder of such a company wants to file for IPO as soon as possible.

OYO will apply for IPO for the second time

Japan’s Softbank-invested company Oyo is now applying for the IPO for the second time. Earlier, for the first time in the month of September 2021, the company had submitted its documents for IPO to SEBI. At that time, due to lack of documents, the company’s IPO could not be approved. After this, now a big decline has been recorded in the market capital of many tech companies. In such a situation, due to rising inflation and recession, the concern of many tech companies has increased in the last few months. Oyo also wants to reduce its debt as soon as possible through IPO.

Shares will not be sold through OFS

According to the report published in Money Control, the shares of the investors of the company will not be sold through Offer For Sale. Soft Bank holds half a percent of the company’s shares. Oyo’s December quarter results were extremely weak. In such a situation, the company had announced that it would lay off about 600 employees of the corporate and tech department.

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