Oyo is back at it again, reviving its IPO plans after two previously aborted attempts. The hospitality giant is gearing up to file its draft red herring prospectus (DRHP) by the end of the first quarter of FY25. This marks the company’s third try to go public, as it looks to cash in on a profitable year and restructuring efforts.
Sources say the IPO follows a reshuffle in Oyo’s ownership structure, with founder Ritesh Agarwal making moves, while early investors like Lightspeed Venture Partners are expected to sell off stakes. The company reported a profit of 229 crore rupees (US$26.49 million) for FY24 and 132 crore rupees (US$15.27 million) for Q1 FY25, a promising sign for its public offering.
But as Oyo prepares to hit the market, it’s also making waves for another reason – its new policy for unmarried couples. Starting in January, Oyo is asking couples to show proof of their relationship before checking into partner hotels in Meerut. Yes, that means even online bookings require proper documentation. Hotels can now reject bookings from couples, with the company citing ‘local social sensibilities;’ as the reason behind the move.
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For now, the policy is confined to Meerut, but there’s speculation it could spread to other cities. As Oyo readies itself for a public offering, it seems the company is trying to balance financial goals with staying in tune with – or perhaps, just responding to – the social climate.
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