Ritesh Agarwal's OYO eyes expedited IPO post profit surge, seeks SEBI nod | Mint
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Business News/ Markets / Ipo/  Ritesh Agarwal's OYO eyes expedited IPO post profit surge, seeks SEBI nod

Ritesh Agarwal's OYO eyes expedited IPO post profit surge, seeks SEBI nod

OYO IPO is seeking fast-track approval for its IPO, with company executives and bankers meeting with officials at SEBI to provide updates on business performance and address concerns.

Oyo IPO: OYO is pushing for IPO approvalPremium
Oyo IPO: OYO is pushing for IPO approval

OYO IPO: Travel-tech platform Oyo is aiming to fast-track its initial public offering (IPO) approval, Financial Express reported quoting sources. Senior company executives and lead bankers recently met with officials at the Securities and Exchange Board of India (SEBI) to provide an update on their business performance and address any outstanding concerns, the report stated.

During the meeting, OYO officials informed the regulator about a partial prepayment of $200 million of the company's outstanding term loan B. Additionally, they presented updates on the company's financial performance over the past four quarters, the report added.

Sources mentioned, as quoted in the report that Oyo has expressed its willingness to collaborate closely with SEBI to address any queries promptly. They also indicated that the current capital market conditions are favorable for the company to proceed with its initial public offering.

Also Read | OYO's founder Ritesh Agarwal shares bullish outlook on holiday travel. THESE cities are almost 100% booked

OYO is optimistic about a sustained increase in Profit After Tax (PAT) after achieving a twofold sequential growth to 30 crore in Q3 FY24, PTI reported, citing founder and CEO Ritesh Agarwal's words to employees at the company townhall on February 9, as reported by Mint earlier.

Also Read | OYO's Ritesh Agarwal anticipates continued profit growth after Q3FY24 success

Speaking to employees, Agarwal said the hospitality and travel-tech firm has doubled its profits. In Q2 FY24, OYO's operator Oravel Stays saw experienced its first profitable quarter with a PAT of 16 crore, he said, as quoted by Mint.

Oyo, operating under the name Oravel Stays, had initially filed preliminary documents for a 8,430 crore IPO in September 2021. However, the company was requested to refile the documents with necessary updates and revisions by the regulator. SEBI did not specify the exact nature of the additional information required.

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Published: 13 Feb 2024, 10:14 AM IST
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