off-the-wire

UPDATE 1-India's Oyo mulls cutting IPO size amid tech rout - Bloomberg News

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds background on IPO plans) BENGALURU, March 27 (Reuters) - Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd is cutting the shares it plans to sell via an initial public offering (IPO) by about two-thirds as tech valuations plunge, Bloomberg News reported on Monday, citing people familiar with the matter.


Oyo is preparing to file a fresh IPO document as soon as this week, according to the report.


The company had initially filed to go public in October 2021 but delayed the share sale due to market conditions. The company has continued to report losses, and in December


said it is cutting 600 jobs in its corporate and technology departments.


Oyo did not immediately respond to a Reuters' request for comment.
($1 = 82.3660 Indian rupees)
(Reporting by Varun Vyas in Bengaluru; editing by Eileen Soreng)

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