Keen to pursue its long-anticipated initial public offering, hospitality tech company Oyo has said it would be refiling its draft red herring prospectus with the Indian stock market regulator Securities Exchange Board of India by mid-February.

While the company refused to offer any estimation of the time it expects SEBI to take for the approval, a source close to the company said Oyo hopes to get the approval by April 2023.

The letter from the market regulator to Oyo read, “The disclosures contained in the present draft red herring prospectus do not take into account the material changes/disclosures arising from updated financial statements as filed throughaddendums leading to revised period for disclosures which in turn leads to necessities to make material updates in risk factors, basis of offer price, outstanding litigations and update other relevant sections of the prospectus.”

Sharing the progress on the refiling exercise, an Oyo spokesperson said, “We are working on updating all key sections simultaneously. Responsibilities have been divided among different teams,with senior company leaders driving the collaboration with the book running lead managers, essentially the initial public offering bankers, the lawyers and the auditors. We are keen on refiling the draft prospectus by mid February if not earlier.”

Source: https://skift.com/blog/oyo-still-keen-to-pursue-ipo-as-it-sets-mid-feb-deadline-for-refiling/