BENGALURU (Reuters) -SoftBank-backed Indian hotel aggregator Oyo Hotels is seeking a valuation of $10 billion to $12 billion, a source close to the matter told Reuters, as it filed for a local listing that could be the first for a hospitality firm since 2019. The aggregator, which Japanese conglomerate SoftBank counts among its biggest bets, had hinted at an initial public offering (IPO) in 2019 shortly before the pandemic battered the travel industry. The IPO comes as travel restrictions are being eased worldwide and the tourism sector sees a rebound, with stuck-at-home people heading out on vacations. The offering will consist of a fresh issue of shares of up to 70 billion rupees ($942.8 million) and an offer for sale of as much as 14.30 billion rupees, according to a copy of its draft red herring prospectus dated Sept. 30. The company's net losses, however, narrowed to 33.82 billion rupees for the year ended March 2021, from 105.86 billion rupees in 2020.

Source: The Star October 01, 2021 06:37 UTC