SoftBank-backed India's Oyo Hotels owner halves proposed IPO, filing shows

By Reuters News

Oct 22 (Reuters) - Indian budget hotel chain Oyo Hotels' parent, Prism, has nearly halved the size of its proposed initial public offering, a filing showed on Thursday, as the company looks to revive its long-delayed listing plans.

Here are details:

  • The SoftBank-backed company plans to sell a fresh issue of shares worth 33.5 billion rupees ($354.65 million).

  • Prism first filed for an IPO in 2021, seeking a valuation of up to $12 billion, but has repeatedly delayed its listing.

  • The company revived plans in March 2023 with a confidential filing before postponing the offering for a third time in May. It turned to debt financing in the intervening years.

  • Prism filed an updated draft red herring prospectus in June, saying it planned to raise 66.5 billion rupees through a fresh share issue.

  • The potential listing would add to an already busy year for India's IPO market, with Jio Platforms' JIOP.NS ongoing offering and a slate of others set to make it a record year for the primary domestic market.

($1 = 94.4600 Indian rupees)

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