SoftBank-backed Oyo reportedly pre-files DRHP with Sebi, reduces IPO size to $400 mn-$600 mn

SoftBank-backed Oravel Stays, which operates hospitality tech startup Oyo, has pre-filed its Draft Red Herring Prospectus (DRHP) with market regulator Sebi under the confidential pre-filing route, said a report on Friday.

The issue size has likely been reduced to $400-600 million all of which will be a primary issuance to repay most of its debt, reported Economic Times citing sources.

Earlier this week, Bloomberg reported that Oyo will reduce its IPO size by two-thirds with tech valuations plunging amid worsening global macroeconomic conditions. 

SoftBank holds about half of the startup.