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SoftBank, which holds over 30% stake in OYO, told the unicorn to postpone its public issue till its earnings are stronger, Bloomberg reported, citing sources.
OYO was initially planning to launch its IPO by October this year, but this would now be extended to March next year, the report said, adding that it is likely to seek a valuation above $7 Bn.
SoftBank declined to comment on the development, while OYO didn’t respond to Inc42’s queries till the time of publishing this story. However, an OYO spokesperson told the agency that the company is monitoring its business performance and the broader macroeconomic environment to decide the timing of its IPO.
The development comes at a time when the ongoing tariff war, initiated by the US, has roiled the global equities markets over the last month or so.
A month ago, it was reported that the creditors of the Ritesh Agarwal-led startup were to clear a looming debt repayment. The OYO founder had borrowed $2.2 Bn from lenders, including Mizuho Financial Group, to increase his stake in the startup in 2019. As per the Bloomberg report, the loan was personally guaranteed by SoftBank founder Masayoshi Son.
The loan was further restructured in 2022 and Agarwal is yet to make its first installment of $383 Mn, which is due in December this year. As per the previous report, the creditors said they would agree to give an extension to Agarwal for the first installment if OYO went public this year.
As per Bloomberg’s latest report, the Japanese tech investor would help Agarwal get an extension for the loan reinstallment if the IPO is postponed.
However, the OYO spokesperson told the agency that the financing arrangement is separate from OYO and would have no impact on the startup’s IPO timeline, which would be decided independently by its board.
OYO’s IPO Jinx This is not the first time the Delhi NCR-based startup is aiming for its public listing. It made its first attempt to go public in 2022, when it filed its draft red herring prospectus (DRHP) to raise INR 8,430 Cr. However, it cancelled its plans due to adverse market conditions.
The following year the startup again filed its DRHP via confidential route, cutting the size of its IPO to $400 Mn to $600 Mn. But, ahead of raising $450 Mn through the sale of dollar bonds.
The Peak XV-backed startup, posting a net profit of INR 229.5 Cr as against a net loss of INR 1,286.5 Cr in the previous fiscal year. Operating revenue for the period under review stood at INR 5,388.7 Cr, a decline of 1.3% from INR 5,463.9 Cr in FY23.
Recently, Agarwal said that the startup clocked and .
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