SoftBank Lowers OYO Valuation by 20%: Report

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BENGALURU:

SoftBank Group Corp wants to cut the valuation of IPO-bound hotelier Oyo by about 20% to $2.7 billion, according to Bloomberg News.

SoftBank declined to comment, while Oyo said the news of the downgrade was speculative and inaccurate.

“We are convinced that the above speculations about valuation downgrade are clearly inaccurate … we have not determined the exact timing for the IPO and the IPO valuation is also highly speculative,” an OYO spokesperson said in a statement.

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