Bangalore: Oyo According to sources, Hotels & Homes, an Indian hospitality startup backed by SoftBank Group, is expected to file for an initial public offering (IPO) next week to raise around $1 billion.

The hotel aggregator is looking to list in Mumbai and its IPO is pegged at between $1 billion and $1.2 billion, the source said, adding that the initial share sale would include a fresh issue of shares and an offer for sale from existing shareholders.

Oyo did not immediately respond to a request for comment.

Listing plan is as follows
Food delivery firm Zomato Limited has made a great start. In July. Berkshire Hathaway Inc.-Supported
Paytm and backed private equity firm TPG
hero Has also filed for IPO. Ride-hailing firm Ola, also backed by SoftBank,
ready to enter the market.

Oyo, in which SoftBank holds a 46% stake and is one of its biggest bets, has faced months of layoffs, cost-cutting and losses during the global health crisis.

Its Founder and Chief Executive Officer Ritesh Agarwal It said in July that trade was likely to return and “grow from there” to levels seen before the second wave of Covid-19 infections in India. Last month, Oyo
Received a $5 million investment Kotak Mahindra Capital, JP Morgan and Citi from Microsoft Corp are the bankers advising Oyo on the IPO, the source said.