Mint TOTM: The fineprint of Oyo's updated IPO papers

Oyo (Oravel Stays Ltd.) is making its third attempt to go public, filing updated papers for a ₹6,650-crore IPO. Largest investor SoftBank or founder Ritesh Agarwal won’t be cashing out. Instead, most of the money will go toward repaying debt.

The filing also offers a closer look at the risks investors will weigh. A promoter entity holding about a fifth of the company has been pledged as collateral for a loan, meaning a default could potentially alter the company’s ownership structure. Oyo says it would need to refile its IPO papers if the pledge is invoked before listing.

Operationally, the company has changed significantly. Over 80% of its revenue now comes from international markets, reflecting its acquisitions and global expansion rather than its India business. While its asset-light model has improved margins, profitability remains fragile and depends on sustaining growth while integrating overseas acquisitions.

The prospectus also highlights unresolved legal issues, including the long-running Zostel dispute and an ongoing competition case, alongside questions around stock options held by independent directors.

For investors, the Oyo IPO is no longer just a bet on India’s budget hotel market. It’s a test of whether a global, acquisition-led hospitality platform can deliver consistent profits while navigating debt, governance and regulatory scrutiny. Read the full story by Agnidev Bhattacharya.

THE MAIN STUFF

RBI flags global, AI risks for India

The Reserve Bank of India has warned that a sharp adjustment in global markets, by way of a correction in AI stocks, could spill over into Dalal Street.

In its latest Financial Stability Report, the central bank said geopolitical tensions, high global debt and tighter financial conditions remain key risks. Even so, it maintained that India’s economy is well placed to weather external shocks, backed by strong growth, healthy bank balance sheets and ample capital buffers.

The RBI added that recent policy measures to attract foreign capital have further strengthened the country’s financial resilience.

🔗 RBI flags Claude Mythos risk for banks over next 12 months

Now, India plans CAFE norms for two-wheelers

India plans to extend CAFE norms to two-wheelers, for that’s the largest vehicle segment in the country by a mile. The idea is to reduce fuel consumption and cut emissions as two-wheelers accounting for nearly a third of India’s petrol use.

That’s a boost for EV adoption but Indian two-wheelers are already, exceedingly, fuel-efficient. The tougher standards will simply increase costs in a price-sensitive market.

Officials are working on a framework covering both petrol and electric models.

Zerodha wants to become an investment banker

Nithin Kamath, co-founder and chief executive officer at Zerodha.

Zerodha wants to expand beyond stock broking into investment banking, with its application for a merchant banking licence currently awaiting SEBI’s approval.

The move would allow it to advise companies on IPOs, fundraising and mergers, creating a new revenue stream as broking margins come under pressure.

Zerodha’s 16 million-strong investor base and technology-led approach give it an advantage, but winning corporate mandates will not be easy.

Small IT firms bet big on M&A

India’s mid-sized IT firms are set to outpace larger rivals in M&A-led growth this year, using buyouts to scale faster as AI reshapes the $300-billion industry.

The likes of Coforge, Mphasis and Hexaware have already struck deals expected to add hundreds of millions of dollars in revenue. There’s more coming.

What’s working to their advantage is greater flexibility on deploying cash for M&A deals, unlike a TCS or Infosys that have to return much of it to shareholders. The strategy could help them climb the industry rankings even as demand remains uneven in an increasingly AI world.

HDFC Bank’s leadership reset

HDFC Bank Ltd. has moved to ease investor concerns by appointing former Finance Secretary Rajiv Kumar as chairman, naming a new CFO-designate and paving the way for CEO Sashidhar Jagdishan’s reappointment.

The leadership reset comes after governance questions weighed heavily on the stock, even as the bank’s core business remains resilient. The pressures related to the mega HDFC merger from a few years ago are easing, deposits are growing faster, asset quality remains strong and the credit-deposit ratio is improving.

With governance uncertainty fading, investors may finally shift their focus back to the bank’s fundamentals after months of underperformance.

🔢 NEWS IN NUMBERS

• 49%: The stake Adani Ports has agreed to sell in its Vizhinjam port to global shipping major Mediterranean Shipping Co. in a $1.4-billion deal.
• 30%: The decline in Brent futures in the April-June quarter after a US-Iran peace deal ended hostilities, allowing traffic to resume through the Strait of Hormuz, prompting cuts in crude forecasts.
• 47 acre: The size of the land parcel acquired by Godrej Properties in South Chennai to develop a residential project with a revenue potential of ₹500 crore.
• 105 MW: The size of the renewable energy order Suzlon won from Sunsure Energy for its newly launched S175 wind turbine.
• ₹120 crore: The proposed share buyback amount approved by SIS Ltd.’s board, marking the company’s fifth buyback programme since listing in August 2017.
• 1,300: The death toll in Europe due to its most severe heatwave on record, pushing temperatures above 40 degrees Celsius.
• 158,249: The number of people impacted by tech layoffs so far in 2026, averaging 879 people per day, according to a report by Trueup.

AROUND THE WORLD

• Warren Buffett skips midyear donation to Gates Foundation
• Venezuela is desperately searching for 50,000 missing after earthquakes
• America’s Supreme Court was right to expand presidential power
• The AI boom and geopolitics are rewiring Asia’s oceans
• Why Wall Street bulls aren’t worried about sky-high stock prices

CHART OF THE DAY

LOUNGE RECOMMENDS

A tournament of historic firsts

This is the first ever FIFA World Cup to feature an expanded list of 48 teams. However, the tournament has already broken many records, including Egypt’s first ever win, Lionel Messi’s hattrick, and the excellence of African teams. Read more.

WHAT THE FACT

The birth of Canada

On this day in 1867, the Canadian Confederation came into effect as the Province of Canada, New Brunswick, and Nova Scotia united under the British North America Act to form the modern nation of Canada.

John A. Macdonald was sworn in as the first prime minister, laying the foundation for the federation that would later expand coast to coast. Today, 1 July is celebrated across Canada as Canada Day, marked by fireworks, parades, and national pride.

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