Oyo shortlists investment banks for $1.2 billion IPO: Report

BENGALURU: SoftBank-backed Oyo Hotels & Rooms has shortlisted JP Morgan, Kotak Mahindra Capital and Citi for its more than $1.2 billion initial public offering in India, financial news website Moneycontrol reported, citing multiple industry sources.

The three investment banks were taken on board recently, Moneycontrol reported on Monday, quoting one of the sources.

The work on the issue has started, the report said, adding that the company is leaning towards a domestic IPO but has kept its options open.

Oyo and the three banks did not immediately respond to Reuters’ requests for comment.