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The firm is proposing to offer secondary shares at a discounted rate compared to the primary capital raise valuation, in a bid to attract investors. Current discussions with investors suggest a potential company valuation ranging between $3 billion and $5 billion. This valuation is significantly lower than its peak valuation of $10 billion in 2019.
In addition to these strategic moves, OYO has confidentially pre-filed reduced IPO documents and has been in talks with Apollo Management for term loan B refinancing. Despite various reasons for the delay and circulating rumors, the company’s focus remains on obtaining approval from the Securities and Exchange Board of India (SEBI).
This comes as OYO reported a 14% rise in operating revenue for the fiscal year 2023, along with a 38% decrease in losses.
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