Travel tech firm OYO is set to re-file its draft IPO. It will be brought in by mid-February 2023. Under this, fresh issues and offers for sale are being brought. Some time back SEBI returned its IPO.
Just a few days back, the Securities and Exchange Board of India (SEBI) returned the draft IPO of travel-tech firm OYO. Primarily, the Draft Red Herring Prospectus (DRHP) was withdrawn and updated, and filed. Keeping this order in mind, Oravel Stages Limited said on Wednesday that it will re-file its IPO application by the middle of next month. The company intends to refile the draft red herring prospectus by mid-February, 2023.
Different teams are doing update work
According to Oyo, it is working on updating all the major sections simultaneously. Its responsibility has been given to different teams. At the same time, senior company leaders are essentially collaborating with IPO bankers, lawyers, and auditors.
Delay in bringing IPO
According to OYO, the launch of the IPO was delayed due to the volatile market conditions at that time. At the same time, the company had already indicated that the process of refilling the comprehensive document may take 2 to 3 months. Significantly, in September 2021, Oyo filed documents with SEBI for an IPO of Rs 8,430 crore, in which fresh shares up to Rs 7,000 crore and offer for sale up to Rs 1,430 crore were offered.
OYO continues to make profits
According to the document provided by Oyo, the company reported a profit of Rs 63 crore for the first half of FY23, which is 24 percent higher than the previous record. During this, the company got a revenue of Rs 2,905 crore. Whereas, a year ago the company had incurred a loss of Rs 280 crore.
