Hospitality unicorn OYO shortlists JP Morgan, Kotak Mahindra, Citi for $1.2 B IPO

Hospitality unicorn OYO Hotels and Rooms has shortlisted investment banks JP Morgan, Kotak Mahindra Capital and Citi for an initial public offer ( IPO) to raise about USD 1.2 billion. The announcement comes along with rising expectations of Microsoft investing in the SoftBank-backed firm. This would value the company at approximately USD 9 billion. The proposed IPO is likely to be a combination of primary issuance of shares along with a secondary component. Oyo had raised USD 660 million in term loan B (TLB) funding from global institutional investors. This offer was oversubscribed 1.7 times.