Oyo Accelerates IPO Plans Amid $383 Million Debt Deadline
Oyo Accelerates IPO Plans Amid $383 Million Debt Deadline

Oyo Accelerates IPO Plans Amid $383 Million Debt Deadline

News summary

OYO Hotels is accelerating its initial public offering (IPO) plans amid pressure from creditors to settle a $383 million debt by October. Founder Ritesh Agarwal faces potential repayment demands from lenders like Mizuho Financial Group, who may extend the deadline to 2027 if OYO proceeds with the IPO this year. The company has aimed for a valuation of up to $5 billion as it resumes discussions with bankers after previous IPO attempts were thwarted by the COVID-19 pandemic. Recently, OYO reported its first full-year net profit in FY2024, signaling a turnaround after years of financial struggles. Agarwal's family office has dismissed speculation regarding financial strain and contested the reported valuation, asserting it is lower than actual secondary transactions. Despite past challenges, OYO's recent profitability may bolster its IPO prospects.

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