SoftBank and Ritesh Agarwal have a year to launch the Oyo IPO
Naomi Gleit
From left, Masayoshi Son, chairman and CEO, SoftBank Group Corp.; Ritesh Agarwal, founder and CEO, OYO Hotels & Homes; image credit: AFP; File Photo
Synopsis
The hotel platform reporting its first Ebitda-positive quarter hasn’t enthused investors. It now has to show that its turnaround is real, consistent, and cash generating. Making the best of the untapped budget-hotel supply base through digitisation remains a promise. Can Oyo, the market leader, have another go at it?
Had things been as smooth and picture-perfect as they should have been, Oyo would have by now been a publicly listed company with a market cap of USD12 billion. September marked a year since Oyo filed its draft red herring prospects (DRHP), and needless to say, things haven’t gone according to the script. No sooner than it filed for IPO, its detractors, including a trade body of hoteliers and a former rival whose disputed merger with Oyo is
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