Hospitality chain OYO is likely to delay its IPO (initial public offering) plans by another three months as the stock exchange regulatory body SEBI has asked the startup to update its draft red herring prospectus (DRHP).
This action was taken because OYO’s DRHP filing with the SEBI did not include updated financial disclosures for the September quarter of FY23. According to a source at Inc42, SEBI has also directed OYO to provide updated information on risk factors, KPIs, outstanding litigations, and valuations, as well as other material information. The news comes almost a month after Inc42 reported that OYO had laid off 600 employees in the product and engineering departments.
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Hospitality chain OYO is likely to delay its IPO (initial public offering) plans by another three months as the stock exchange regulatory body SEBI has asked the startup to update its draft red herring prospectus (DRHP).
This action was taken because OYO’s DRHP filing with the SEBI did not include updated financial disclosures for the September quarter of FY23. According to a source at Inc42, SEBI has also directed OYO to provide updated information on risk factors, KPIs, outstanding litigations, and valuations, as well as other material information. The news comes almost a month after Inc42 reported that OYO had laid off 600 employees in the product and engineering departments.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
