Skift Take
While Oyo plans to go ahead with its initial public offering, the hospitality company is yet to share the current valuation it is looking at. For sure, it would be nowhere close to its original hoped-for valuation of $12 billion.
India-based budget hotel operator and aggegator Oyo updated its draft red herring prospectus with results for the first half of the fiscal year signalling its intent to soon launch its initial public offering.
Oyo looks to launch its initial public offering around the first quarter of 2023, which would be between April and June, said a source close to the company.
Setting in motion the Securities and Exchange Board of India’s approval to its initial public offering, Oyo updated its draft red herring prospectus with results for the first half of the financial year.
The hospitality platform had been permitted to submit updated financials before the regulatory body examined and finally processed the application.
Oyo’s adjusted earnings before interest, taxes, depreciation, and amortization for the second quarter grew eight times from $860,000 in the first quarter to $7 million primarily driven by a 23 percent quarter-on-quarter rise in gross booking value per hotel.
However, the sharp uptick in earnings before interest, taxes, depreciation, and amortization wasn’t enough to make the company profitab