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India’s Oyo Hotel Startup to Target $9 Billion Valuation in IPO

  • Affordable stay startup had been reported to seek $12 billion
  • Oyo’s travel business has been challenged during Covid-19
Oyo founder Ritesh Agarwal.
Oyo founder Ritesh Agarwal.Source: Getty Images
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Oyo Hotels, the once hard-charging Indian startup that struggled during the pandemic, is eyeing a valuation of about $9 billion in its initial public offering after preliminary conversations with potential investors, according to people familiar with the matter. 

The SoftBank Group Corp.-backed startup is expected to get the green light to proceed with the offering this week or next after filing preliminary documents last year, said the people, asking not to be named because the talks aren’t public. A formal roadshow will begin after regulatory approval and determine final pricing.