Oravel Stays (OYO Rooms) Unlisted Shares
OYO Withdraws DRHP, Plans To Resubmit IPO After $450 Mn Refinancing: Sources
Business World
2 min read
OYO to Refile DRHP, post raising $450M via Bonds at 9-10% Interest.
Expert Analysis:
DRHP Refiling Planned: OYO plans to refile its DRHP with SEBI to align with upcoming financial changes.
USD 450 Million Fundraising Initiative: OYO intends to raise USD 450 million through the sale of dollar bonds, facilitated by JP Morgan at a 9-10% interest rate p.a.
Debt Reduction Through Prepayment: OYO prepaid Rs 1,620 crore through a buyback process, reducing its debt by repurchasing 30% of its USD 660 million Term Loan B.
Current DRHP Withdrawal: The refinancing will significantly alter OYO's financial statements, prompting the withdrawal of the current DRHP application.
Revised IPO Valuation Due to Market Conditions: Initial IPO plan was Rs 8,430 crore in 2021, but market volatility led to postponement and a revised valuation of USD 4-6 billion, down from USD 11 billion.
Strategic Refinancing to Raise USD 450 Million:
Oravel Stays is refinancing to raise USD 450 million via dollar bonds at 9-10% interest.
Debt Reduction Efforts:
Prepaid Rs 1,620 crore to reduce debt, enhancing financial stability.
Updated DRHP Submission Planned:
OYO will withdraw the current DRHP and submit an updated version post-bond issuance.
Revised IPO Valuation:
Initial Rs 8,430 crore IPO plan was postponed; new valuation expected at USD 4-6 billion, down from USD 11 billion.
Positioning for Financial Robustness:
Strategic restructuring aligns OYO with revised market conditions, improving financial health and positioning for a stronger future.
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