SoftBank-backed Oyo Hotels & Rooms has short-listed JP Morgan, Kotak Mahindra Capital and Citi for a more than $1.2 bn initial share sale, media reported on Monday, citing multiple industry sources.
The three investment banks were taken on board recently, as the media reported, quoting one of the sources.
The work on the initial public offering has started, the report said, adding the company is leaning towards a debut in the domestic market but has kept its options open. Oyo did not respond to a request for comment while the three investment banks declined to comment. Ritesh Agarwal, Oyo’s CEO-Founder, had said in July its business was likely to return to levels seen before the second wave of COVID-19 infections in India and “grow from there”.
