SoftBank-backed Oyo shortlists 3 investment banks for $1.2-bn IPO: Report

SoftBank-backed Indian hospitality startup Oyo Hotels & Rooms has shortlisted JP Morgan, Kotak Mahindra Capital and Citi for a more than $1.2 billion initial share sale, a financial news website reported on Monday, citing multiple industry sources.

The three investment banks were taken on board recently, Moneycontrol reported, quoting one of the sources.
The work on the initial public offering has started, the report said, adding the company is leaning towards a debut in the domestic market but has kept its options open.

Oyo did not immediately respond to a Reuters’ request for comment while the three investment banks declined to comment.