New Delhi Oravel Stays Ltd, which runs travel tech firm and brand Oyo, on Wednesday said it will re-file its draft public listing application by the middle of next month.
Earlier this month, capital markets regulator Sebi had asked the company to re-file the draft initial public offering (IPO) with some updates.
“We are working on updating all key sections simultaneously. Responsibilities are divided between different teams, including senior leaders across the company running the book, lead managers, essentially IPO bankers, lawyers and auditors. cooperating with.
“We intend to refile the draft red herring prospectus (DRHP) by mid-February 2023,” said a company spokesperson.
The company said that SEBI in its letter had stated that “the disclosures contained in the current DRHP do not take into account material changes/disclosures arising from the updated financial statements, as filed by way of addendum, resulting in disclosures which in turn lead to requirements to update risk factors, basis of offer price, significant updates in outstanding litigation and other relevant sections of the DRHP”.
OYO’s last submission to SEBI was the updated financial results for the first half of the financial year 2022-23.
The company had earlier indicated that the process of refiling the extensive documentation may take 2-3 months.
In September 2021, OYO filed preliminary documents with the Securities and Exchange Board of India (SEBI). 8,430 crore IPO.
The launch of the IPO was delayed due to volatile market conditions at the time, leading the company to settle for a lower valuation of around US$7–8 billion instead of the initially targeted US$11 billion.
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