OYO to file DRHP for $7–8 billion IPO
Hospitality startup OYO is preparing to file its draft red herring prospectus (DRHP) with SEBI in November 2025 for an initial public offering (IPO) that could value the company at $7–8 billion.
If approved, this will mark OYO’s third attempt at going public after previous filings in 2021 and 2024 were withdrawn.
The company has reportedly engaged a consortium of investment banks, including Axis Capital, Citi, Goldman Sachs, ICICI Securities, JM Financial, and Jefferies (London), to manage the issue. According to reports, the IPO is being valued at 25–30x EBITDA multiples.
OYO has shown an improvement in its financial performance ahead of the proposed listing. The company reported its tenth consecutive EBITDA-positive quarter in Q1 FY26, with double-digit revenue growth and improved occupancy rates across both domestic and international markets.
The Indian hospitality sector is also witnessing strong momentum, with domestic travel demand up nearly 18% year-on-year in Q1 FY26. This sectoral tailwind, combined with OYO’s ongoing rebranding efforts and plans to launch a new app for premium and mid-market hotels, is expected to strengthen its positioning before the IPO.
The filing is subject to board approval, which is expected in the coming weeks. If cleared, OYO may launch the IPO in early 2026.
Previous IPO Attempts
- 2021: Filed for ₹8,430 crore IPO (~$1.2 billion), later delayed.
- 2024: Withdrew DRHP after refinancing plans; second withdrawal.
