Oravel Stays, the parent company of hospitality platform OYO, filed a draft prospectus for an initial public offering in India on Tuesday. The company aims to raise approximately $700 million, or 66.50 billion rupees.
SoftBank’s Vision Fund is the largest shareholder with a stake exceeding 40%. This filing signals a potential major liquidity event for the fund, though SoftBank’s stock showed no immediate market reaction.
OYO plans to use the net proceeds to invest in its Singapore subsidiary and repay certain borrowings. The company currently operates its technology-driven hospitality business in more than 35 countries.
Most of the company's revenue is generated from overseas markets despite being headquartered in India. The move aligns with a broader trend of Indian technology firms seeking to tap public markets.