Oravel Stays Limited, the parent company of travel-tech firm OYO, has received in-principle approval from BSE and NSE to list on the respective bourses, sources said.
The company had filed its Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) in September last year and is aiming to raise Rs 8,430 crore, including a primary issuance of Rs 7,000 crore.
As per documents reviewed by PTI, the company recently received the go-ahead for listing from the National Stock Exchange and BSE. Bourses typically wave foreword at advanced stages of the approval process thus signalling that the regulatory path is close to getting cleared for the company to approach for its listing.
Sources told PTI that the SEBI monitoring’s reaching the final stage and the last rounds of observations are expected in about 10 days.
As per the procedure, the company would file the updated draft prospectus in line with the final observations and will await approval for the final prospectus that becomes the final document for the company to formally approach the public investors with its issue offering.
According to sources of PTI, OYO’s founder Ritesh Agarwal, who holds 33% stake in the company directly and through his holding company, is not planning to dilute any stake during the IPO process, while Soft bank Vision Fund, OYO’s largest investor which holds 46 per cent stake in the company, plans to dilute around 2 per cent of his holding.