Oravel Stays Ltd., the parent of travel platform OYO, filed updated paperwork for an initial public offering to raise as much as 66.5 billion rupees ($703 million), reviving one of India’s most closely watched deals.
The proposed IPO will consist entirely of new shares, with no offer by existing shareholders, according to a filing with the Securities and Exchange Board of India. The company may also undertake a pre-IPO placement of up to 13.3 billion rupees, which would reduce the size of the listing.
Oravel plans to use the proceeds primarily to repay or prepay debt, according to the filing. The company counts SoftBank Group Corp. as its largest backer and is also supported by investors including Microsoft Corp., Airbnb Inc., Khazanah Nasional Bhd. and Lightspeed Venture Partners.
India’s IPO market has remained relatively subdued this year, with companies raising about $3.8 billion in the first six months, compared with $4.6 billion during the same period a year earlier, according to data compiled by Bloomberg. But the OYO deal fits into a wave of larger deals in the pipeline, including the planned offerings of Jio Platforms Ltd., National Stock Exchange of India Ltd., SBI Funds Management Ltd. and Manipal Health Enterprises Pvt.
For the nine months ended Dec. 31, 2025, Oravel reported 69.41 billion rupees of revenue from operations, exceeding the 62.59 billion rupees it generated in the full fiscal year ended March 2025. The company posted a profit after tax of 7.48 billion rupees during the nine-month period, according to the filing.
Oravel said it operates 43 brands across more than 35 countries. As of Dec. 31, 2025, its network comprised 24,303 hotels, 124,668 homes and 144,583 listings, including 14,937 storefronts in India.
Axis Capital Ltd., Citigroup Inc., Goldman Sachs Group, Inc., ICICI Securities Ltd., InCred Capital Wealth Portfolio Managers Pvt. Ltd., Intensive Fiscal Services Pvt. Ltd., JM Financial Ltd. and SBI Capital Markets Ltd. are the book-running lead managers to the offering.
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