This is the second time that Oyo has withdrawn its IPO application. Oyo's initial IPO application in 2021 was returned in January 2023, following which it made a revised filing for a considerably smaller IPO. Originally proposing a $1.2 billion issue (approximately Rs 8,430 crore), its revised confidential filing aimed for an IPO that was 40-60% smaller. SoftBank holds a 46% stake in Oyo, with chief executive Agarwal owning a 33% stake. SoftBank was listed as a promoter during Oyo's first draft IPO filing.

Source: Mint May 22, 2024 13:49 UTC