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SoftBank-Backed Indian Startup OYO Revives IPO Plan: Bloomberg

Benzinga Real-time News · Sep 19, 2022 08:18

SFTBY +0.28% SFTBF +0.00%

SoftBank Group Corp (OTC:SFTBF) (OTC:SFTBY) backed Indian startup OYO Hotels is planning a stock market debut after a travel recovery-induced cost cut and loss reduction, Bloomberg reported.
The hotel-booking company aims for an initial public offering (IPO) in early 2023.
OYO had filed preliminary IPO documents in 2021 but shelved the listing plan earlier this year as COVID-19 hurt its growth and forced the company to cut jobs.
The company, started in 2013 by Ritesh Agarwal, got the backing of start investors like SoftBank and Lightspeed Venture Partners.
The Japanese conglomerate holds about 47% of the Gurgaon-based startup.
Due to the pandemic, OYO was forced to cut its rapid expansion strategy, giving up its plans in the U.S. and China.
The company will likely concentrate on four main regions: India, Malaysia, Indonesia, and Europe.
The report cited researcher CB Insights that OYO is currently valued at $9 billion.
Price Action: SFTBY shares closed at $18.77 on Friday.
Photo Via Wikimedia Commons

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeline for any particular purpose of the above content.

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