Indian startup Oyo Hotels have filed new documents about a potential initial public offering – possibly in early 2023.
The team is internally working towards a January IPO, sources told Bloomberg, amid a pick-up demand as the travel and hospitality sector recuperates from the pandemic.
The plans could go ahead in January if India’s stock market continues to hold up and economic conditions improve, the sources said.
Oyo earlier filed initial IPO documents in 2021, but the impact of Covid-19 hurt its growth, forcing it to cut thousands of jobs – and ultimately suspending the listing plans.
The job cuts meant Oyo cutting down operations in markets such as the US and China. The Indian firm is now focusing on four main regions: India, Malaysia, Indonesia, and Europe.
SoftBank Group owns about 47 percent of Oyo, while its founder Ritesh Agarwal owns about one-third of it.
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