SoftBank-backed Oyo shortlists investment banks for $1.2 bln IPO

The emblem of OYO, India's superb and quickest-rising hotel chain, is seen installed on a hotel constructing in Fresh Delhi, India, April 3, 2019. REUTERS/Adnan Abidi/File Photo

BENGALURU, Aug 9 (Reuters) - SoftBank-backed Indian hospitality startup Oyo Inns & Rooms has shortlisted JP Morgan, Kotak Mahindra Capital and Citi for an even bigger than $1.2 billion initial half sale, a financial news internet living reported on Monday, citing multiple alternate sources.

The three investment banks were taken on board no longer too long previously, Moneycontrol reported, quoting one in all the sources.

The work on the initial public offering has began, the portray said, including the corporate is leaning in direction of a debut in the home market however has kept its alternate recommendations open.

Oyo did in a roundabout draw reply to a Reuters' query for comment while the three investment banks declined to comment.

Ritesh Agarwal, Oyo's chief executive officer and founder, had said in July that its industry became seemingly to return to stages seen sooner than the 2nd wave of COVID-19 infections in India and "develop from there". read more

The hotel aggregator, whereby SoftBank owns a 46% stake and is one in all its superb bets, has persisted months of layoffs, worth cuts and losses throughout the worldwide health crisis. On the other hand, with easing shuttle curbs and lengthening vaccinations, shuttle inquire is slowly picking up in India.

Microsoft Corp (MSFT.O) in July became in superior talks to put money into Oyo at a valuation of $9 billion in a prelude to Oyo's IPO, Reuters had reported, citing a offer accustomed to the subject. read more

Reporting by Vishwadha Chander in Bengaluru, Bettering by Subhranshu Sahu and Amy Caren Daniel

Our Standards: The Thomson Reuters Belief Rules.

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