Oyo Shortlisted In Investment Bank’s 1.2 Billion US Dollar Initial Public Offering (IPO): Report.

SoftBank-sponsored friendliness startup Oyo Hotels and Rooms has shortlisted JP Morgan, Kotak Mahindra Capital and Citi for a more than $1.2 billion introductory offer deal, a monetary news site provided details regarding Monday, refering to numerous industry sources.

The three venture banks were accepted as of late, Moneycontrol announced, citing one of the sources.

The work on the first sale of stock has begun, the report said, adding the organization is inclining towards a presentation in the homegrown market however has kept its choices open.

Oyo didn’t promptly react to a Reuters’ solicitation for input while the three speculation banks declined to remark.

Ritesh Agarwal, CEO and founder of Oyo, said in July that his business is likely to return to the level before the second wave of COVID-19 infection in India and “grow from there”.

The hotel aggregator SoftBank owns 46% of the shares and is one of its biggest bets, having experienced months of layoffs, cost cuts and losses during the global health crisis. However, with the reduction of travel restrictions and the increase of vaccines, India’s travel demand is slowly increasing.