Why OYO IPO Postponed?
Oravel Stays Pvt. Ltd. owns and operates an online hotel booking platform called Oyorooms.com. It offers its services under the brand name Oyo rooms with facilities such as Air-conditioned rooms, spotless linen, breakfast, WIFI, washrooms etc. It allows users to book a room at an affordable price through mobile applications. The company is focused on reshaping the short-stay accommodation spare since its incorporation in 2012 and has developed a unique two-sided technology platform focused on comprehensively addressing key pain points of their patron on the supply side and their customers on the demand side. Oyo Rooms had filed a Draft Red Herring Prospectus (DRHP) for Rs. 8430 Cr. IPO in September 2021. The Company had filed preliminary papers with SEBI. The company had settled for a lower valuation of around USD 7-8 Billion against the USD 11 Billion it initially targeted. The equity shares offered through the DRHP were proposed to be listed on the Stock Exchanges. The company had