According to a filing with the Registrar of Companies (ROC), an extraordinary general meeting of Orawell Stage on 1 September approved the proposal to increase its authorized share capital. This increase has increased to Rs 9,01,13,59,300 from the current Rs 1,17,80,010. Authorized capital is the maximum amount of capital that a company is allowed to issue at any given time.
Queries sent to the company by PTI for comment on the development remained unanswered.
Oyo IPO Details
Sources said OYO may file its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (Sebi) in the next few months. The company aims to raise $1.2-1.5 billion at a valuation of $14-16 billion.
Internally, the company has set a September deadline for filing its IPO papers and wants to become a public company before the end of the calendar year, ET
informed of He said it has initiated talks with several bankers, including JP Morgan, Citi and Kotak Mahindra Capital, to manage its public issue. A person with knowledge of the matter said, “Work has started and some bankers have been finalised.” “They are aiming to file the DRHP by September.”
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Pre-IPO Fundraising
Oyo in August ahead of IPO
raised new capital from Microsoft Corporation through equity shares and compulsory convertible cumulative preference shares on private placement basis. In July, I.T.
raised $660 million To refinance and simplify its existing lending, through the Term B loan route from global institutional investors including Fidelity Investments.
post-lockdown revival
OYO is seeing a revival in business in markets like India and Europe as the number of COVID-19 cases is falling and vaccination rates are improving. Oyo told ET last month that Europe is seeing a strong recovery due to high vaccination rates and India will show the same thing once more people are vaccinated at least once.
Currently, 43% of Oyo’s revenue comes from India and Southeast Asia, while 28% comes from Europe and the rest from other global markets. The company was forced to cut its operations in markets such as the US and China amid the virus outbreak. In India, it laid off a portion of its workforce as Covid-19 hit its business hard.
With inputs from PTI.