OYO pre-files IPO papers, may cut size to $400-600 million

Travel tech firm OYO is back on the path to going public and has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) under the confidential pre-filing route which was introduced in November, according to sources close to the company.

OYO’s new DRHP will give the company more leeway on the timing of the listing as well as on fine-tuning the issue size, based on market conditions, to around $400 million-$600 million, all of which will now be a primary issuance, to repay most of its debt, sources said. The company expects the issue timing to be around Diwali, pending Sebi approval.