OYO to reduce target share price of its planned IPO amid tech mayhem

Global hospitality technology major OYO is reducing, by two-thirds, its target share price for its stock-market debut, a decision made by its founder after tech valuations tumbled, a media report said on Monday.

As early as this week, the company plans to file a new initial public offering (IPO) document, according to Bloomberg, citing sources.

The company will describe plans in the filing to sell only one-third of the new shares it had intended, reducing the amount of fresh capital it is projected to receive.

Moreover, the report said, while the tourism market has recovered from the pandemic-era low, OYO, once valued at roughly $10 billion as India’s Airbnb equivalent, is still losing money.