<cite id="zp1zn"><delect id="zp1zn"></delect></cite>

    <font id="zp1zn"></font>

          SME Times is powered by   
          Search News
          Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
          Last updated: 27 Mar, 2023  

          Hotel.9.Thmb.jpg OYO to reduce target share price of its planned IPO amid tech mayhem

             Top Stories
          » 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
          » 'India ranks 3rd in global startup ecosystem & number of unicorns'
          » Tripura exported over 9K tonnes of pineapples in 2 years
          » CPI inflation eases to 6.71% in July, IIP falls to 12.3%
          » Rupee depreciates 12 paise to close at 79.64 against US dollar
          IANS | 27 Mar, 2023
          Global hospitality technology major OYO is reducing, by two-thirds, its target share price for its stock-market debut, a decision made by its founder after tech valuations tumbled, a media report said on Monday.

          As early as this week, the company plans to file a new initial public offering (IPO) document, according to Bloomberg, citing sources.

          The company will describe plans in the filing to sell only one-third of the new shares it had intended, reducing the amount of fresh capital it is projected to receive.

          Moreover, the report said, while the tourism market has recovered from the pandemic-era low, OYO, once valued at roughly $10 billion as India's Airbnb equivalent, is still losing money.

          Meanwhile, founder Ritesh Agarwal borrowed billions of dollars to increase his stake in the company.

          This is the SoftBank Group-backed startup's second IPO attempt after India's stock market regulator raised many red flags on its first attempt in late 2021.

          Technology company valuations have declined since then, as inflation and rising interest rates have reduced customer spending and caused concerns of a recession.

          Further, the report mentioned that no shares will be offered for sale by OYO's current investors.

          SoftBank owns almost half of the firm, which is formally known as Oravel Stays Ltd. and also has backing from Airbnb Inc.

          In 2020, OYO reported consolidated revenue of $951 million for the financial year 2018-19, an over fourfold increase from $211 million as reported in the previous fiscal.

          However, the company's net loss also increased to $335 million, due to a rise in expenses, the company said in a statement.
          Print the Page
          Add to Favorite
          Share this on :

          Please comment on this story:
          Subject :
          (Maximum 1500 characters)  Characters left 1500
          Your name:

            Customs Exchange Rates
          Currency Import Export
          US Dollar
          UK Pound
          Japanese Yen 58.85 56.85
          As on 13 Aug, 2022
            Daily Poll
          COVID-19 has directly affected your business
           Can't say
            Commented Stories
          » GIC Re's revenue from obligatory cession threatened(1)
          About Us  |   Advertise with Us  
            Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
          Follow Us : Facebook Twitter