Indian hotel chain Oyo is planning to raise about 84.3 billion rupees ($1.16 billion) in an initial public offering, according to draft papers submitted to the country’s market regulator.
Oyo plans to issue new shares worth up to 70 billion rupees while existing shareholders could sell shares worth up to14.3 billion rupees. Some of the start-up’s prominent backers include SoftBank Vision Fund, Lightspeed Venture Partners and Sequoia Capital India.