Explorer

SEBI Asks Oyo To Refile Draft IPO Papers With Updates

The travel-tech company had filed for a Rs 8,430 crore IPO with the Securities and Exchange Board of India in September 2021.

The Securities and Exchange Board of India(SEBI) has asked Oyo’s parent company Oravel Stays Ltd to refile the draft IPO papers with specific updates, according to a PTI report. The market regulator’s move could delay the initial public offering (IPO) of the travel-tech start-up, the report said. 

The Gurugram-based unicorn had filed IPO documents with SEBI in September 2021. The company had filed for a Rs 8,430 crore IPO with SEBI in September 2021, of which Rs 7,000 crore consists of a fresh issue of shares and an offer-for-sale of Rs 1,430 crore.

The report said that the markets regulator returned the company's draft red herring prospectus (DRHP) on December 30, 2022, and asked the firm to refile it with applicable updates/ revisions. Although, SEBI has not elaborated on the updates or revisions required in the draft documents.

Previously, the company filed additional documents to its DRHP that included its financial results for the first half of FY23. It reported a profit of Rs 63 crore for the first half of FY23, compared to a loss of Rs 280 crore the previous year. Revenues for the first half of FY23 (April-September) increased by 24 per cent year-on-year to Rs 2,905 crore. In addition to improving operating performance, the company has a cash corpus of Rs 2,785 crore, the report said. 

Before examining and processing the company's IPO application, the market regulator granted Oyo permission to submit updated financials.

Oyo in December announced it will downsize about 10 per cent of its 3,700-employee base by cutting 600 jobs in the technology and corporate verticals and hiring 250 members, primarily in the relationship management teams.

Oyo said the move is part of implementing wide-ranging changes in its organisational structure. It is downsizing its product & engineering, corporate headquarters, and Oyo Vacation Homes teams, while it adds people to the partner relationship management and business development teams.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Israel Confirms It Killed Hamas Leader Haniyeh In Iran
Israel Confirms It Killed Hamas Leader Haniyeh In Iran
Delhi Confirms Receiving Diplomatic Note From Dhaka Over Ex-PM Sheikh Hasina's Extradition
Delhi Confirms Receiving Diplomatic Note From Dhaka Over Ex-PM Sheikh Hasina's Extradition
Legendary Filmmaker Shyam Benegal Passes Away At 90
Legendary Filmmaker Shyam Benegal Passes Away At 90
Fire Breaks Out In Singer Shaan's Residential Building In Mumbai — Watch
Fire Breaks Out In Singer Shaan's Residential Building In Mumbai
Advertisement
ABP Premium

Videos

Sambhal News: Two New Corridors Found in Ancient Stepwell Excavation in ChandausiLucknow Police Encounters Robbers, Arrests Trio Involved in Bank Heist, One InjuredSambhal Stepwell Excavation: Truth to be Revealed, Major Discoveries Await - ABP NewsProtests Outside Allu Arjun's House Over 'Pushpa 2' Stampede Incident, Accused Granted Bail

Photo Gallery

Embed widget