Jan 03, 2023, 05:23 pm
The Securities and Exchange Board of India (SEBI) has asked Oravel Stays Ltd, the parent company of travel-tech firm OYO, to refile the draft IPO papers with certain updates.
SEBI returned the travel-tech firm's draft red herring prospectus (DRHP) on 30 December last year and has asked the company to refile it with applicable updates/ revisions, as per an update with Sebi's website today.
However, the regulator is yet to elaborate on the updates or revisions required in the draft documents.
This is expected to delay OYO's initial public offering (IPO). OYO was targetting an early 2023 offering if market and economic conditions allow.
The Gurugram-based hospitality unicorn filed preliminary documents with Sebi in September 2021 for a ₹8,430 crore IPO.
The proposed offering consists of a fresh issue of shares of up to ₹7,000 crore and an offer-for-sale of as much as ₹1,430 crore.
Earlier, the firm had filed an addendum to its DRHP, which included its financials for the first half of FY23. It reported a profit of ₹63 crore for the first half of FY23 as against a loss of ₹280 crore a year ago.
The firm's revenues in the first half (April-September) of FY23 grew 24% year-on-year to ₹2,905 crore. Apart from improving operating performance, the company has a cash corpus of ₹2,785 crore, the filing to Sebi showed