HOSPITALITY FIRM OYO is planning to raise up to $1.2 billion through an IPO and is expected to file the draft red herring prospectus with market regulator SEBI this week, sources said on Thursday. OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to manage its public issue, they added. Comments from OYO could not be obtained.

The proposed IPO plan of the hospitality firm follows the spectacular success of Zomato’s IPO that ended with a bumper oversubscription on July 16 and was the biggest since March 2020.

Last week, shareholders of Oravel Stays, the parent company of hospitality firm, had approved the conversion of OYO from a private limited company to a public limited company, according to a regulatory filing.

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