OYO to deposit up to $ 1.2 billion IPO next week

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Last week, shareholders of Oravel Stays, the parent company of hotel company OYO, approved the transformation of the company from a limited liability company to a public limited company, according to a regulatory filing.

Hotel company OYO plans to raise between US $ 1 billion and US $ 1.2 billion through an initial public offering and is expected to file the draft red herring prospectus (DRHP) with Sebi next week, officials said on Thursday. sources at PTI.

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OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to handle its public offering, they added. OYO comments could not be obtained at the time of article submission.

Last week, shareholders of Oravel Stays, the parent company of hotel company OYO, approved the transformation of the company from a limited liability company to a public limited company, according to a regulatory filing. Previously, the board of directors of Oravel Stays approved an increase in the authorized share capital of the company from Rs 1.17 crore to Rs 901 crore.

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In August, in a filing with the Registrar of Companies (RoC), OYO said Microsoft Corporation had invested nearly $ 5 million (around Rs 37 crore) in OYO through the issuance of shares and compulsory cumulative convertible preferred shares on the basis of a private placement. .

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