India, July 6 -- OYO's IPO became synonymous with highs and lows in India's startup ecosystem. Every high point in the past four years saw OYO announce plans for an IPO, just to walk it back when things got rough.

The company first filed its draft prospectus in 2021, hoping to become one of India's largest new-age technology listings at a valuation north of $9 Bn amidst a wave of new-age firm listings including that of Eternal, Nykaa and Paytm.

It withdrew the papers following SEBI's queries and tech stock correction.

OYO tried again through the confidential filing route in 2023, only to withdraw its IPO papers in May 2024, citing weak market sentiment and an ongoing debt refinancing that would have materially altered its financials. ...