Oyo Pauses IPO – Plans to Refile After Refinancing
Skift Take
Has Oyo withdrawn its draft red herring prospectus? Yes. Has it shelved its IPO plans? No. According to sources, the withdrawal of Oyo's draft papers does not indicate that the hospitality company is abandoning its plans to go public.
Indian hospitality company Oyo has withdrawn its application for an IPO, which it had filed in March 2023, according to a notification Wednesday by the Securities and Exchange Board of India (SEBI).
A source familiar with Oyo's plans said the company is close to completing a refinancing and it expects to pursue an IPO after it's done.
“Since the decision for refinancing is at an advanced stage, it doesn't make sense to continue pursuing IPO approval with the current financials. Oyo would need to withdraw its current application,” the source said.
