Oyo Hotels, an Indian startup, recently submitted additional paperwork about a prospective IPO, which may happen as early as 2023.
The team is internally working towards a January IPO, amid a pick-up demand as the travel and hospitality sector recuperates from the pandemic.
The plans could go ahead in January if India’s stock market continues to hold up and economic conditions improve, the sources said.
Oyo earlier filed initial IPO documents in 2021, but the impact of Covid-19 hurt its growth, forcing it to cut thousands of jobs – and ultimately suspending the listing plans.
The job cuts meant Oyo cutting down operations in markets such as the US and China. The Indian firm is now focusing on four main regions: India, Malaysia, Indonesia, and Europe.
Ritesh Agarwal, the company’s creator, controls around one-third of Oyo, while SoftBank Group owns about 47%.
