New Delhi, July 1 -- Oyo (Oravel Stays Ltd.) is making its third attempt to go public, filing updated papers for a Rs.6,650-crore IPO. Largest investor SoftBank or founder Ritesh Agarwal won't be cashing out. Instead, most of the money will go toward repaying debt.

The filing also offers a closer look at the risks investors will weigh. A promoter entity holding about a fifth of the company has been pledged as collateral for a loan, meaning a default could potentially alter the company's ownership structure. Oyo says it would need to refile its IPO papers if the pledge is invoked before listing.

Operationally, the company has changed significantly. Over 80% of its revenue now comes from international markets, reflecting its acquisitions ...