Oravel Stays – which operates hospitality tech firm OYO – on Friday pre-filed its Draft Red Herring Prospectus with stock market regulator Sebi, sources said.
Sources close to the company told PTI OYO may launch its initial public offering (IPO) around Diwali this year.
Unlike the traditional route where companies have to launch the IPO within 12 months from the Sebi approval, or final observation; in the pre-filing route, an IPO can be floated within 18 months from the date of Sebi’s final comments.
This route also provides flexibility to change primary issue size by 50 per cent till the Updated Draft Red Herring Prospectus (UDRHP) stage.
Explaining the rationale for filing through the pre-filing route, a source said, “The market continues to be highly volatile globally and to an extent in India as well. Filing through the pre-filing route will give OYO some leeway on the timing of the listing, as well as on fine-tuning the issue size, basis the market conditions, to between USD 4
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