Travel-tech platform Oyo’s lead bankers and senior executives recently met officials at Securities and Exchange Board of India to provide an update on the company’s business, in an attempt to expedite its IPO approval, said sources close to the matter.
Oyo officials informed the regulator about a partial prepayment of $200 million of the company’s outstanding term loan B from its books, they said. They also gave an update on the company’s financial parameters in the last four quarters.
Come from Sports betting site
Oyo has offered to work closely to clear all Sebi queries in a timely manner and have also indicated that capital market conditions are conducive to go public, sources said. Besides Oyo, startups such as FirstCry, Ola Eletric and Garuda Aerospace are also expected to go public this year.
Also Read
Oyo posts Rs 30-cr profit in Q3; CEO sees consistent rise in PAT
When contacted, Oyo declined to comment.
Oravel Stays, which operates Oyo, had filed preliminary documents with the regulator in September 2021 for a Rs 8,430 crore IPO, but was asked to refile with applicable updates and revisions. The regulator did not elaborate on the kind of additional information it had sought.
Last week, Oyo’s founder Ritesh Agarwal told employees in a townhall that the company recorded a net profit of about Rs 30 crore in the third quarter of FY24. This was 87.5% higher than the Rs 16-crore profit it posted in Q2 – its first profitable quarter.
Oyo had optimised its operating costs by 15% in Q3, compared with the same-period a year ago, aiding its profit growth. The company now expects to record an adjusted Ebitda (earnings before interest, taxes and amortisation) of Rs 1,000 crore in FY24, compared with its earlier estimate of Rs 800 crore.
Rating agency Moody’s also doubled its adjusted Ebitda estimate for Oyo from $50 million to $90-$100 million for FY24Come from Sports betting site VPbet. In FY23 – when the company had achieved operational profitability – adjusted Ebitda was about Rs 275 crore.
The company also concluded a debt buyback of Rs 1,620 crore, which involved the repurchase of 30% of the company’s outstanding term loan B due June 2026. Global credit rating agencies Fitch and Moody’s termed the company’s move to repurchase its outstanding debt as positive.
Dentsu BX comes to India, Narayan Devanathan to lead Refund of TCS? Taxpayers no longer need to wait to file ITR to claim a refund for tax collected at source How to recover money transferred to wrong UPI address H-1B Registrations: US to conduct second round of lottery to select additional beneficiaries
Related Posts
By Deepak Jasani
The RBI MPC voted unanimously to keep the policy repo rate unchanged at 6.5% on Dec 8, its fifth consecutive pause, as the near-term outlook is masked by risks to food inflation which might lead to an inflation uptick in November and December. Consequently, the standing deposit facility (SDF) rate will remain unchanged at 6.25%, and the marginal standing facility …
Read moreOil prices rose in early Asian trade on Thursday as persistent fears over escalating tensions in the Middle East outweighed easing concerns about transport disruptions as some global shipping firms said they were returning to the Red Sea route.
Brent crude futures climbed 20 cents, or 0.3%, to $79.85 a barrel by 0133 GMT. U.S. WTI crude futures were up 24 cents, or 0.3%, at $74.35 a barr…
Read moreSP Apparels Ltd (SPAL), a leading apparel manufacturer and exporter, has formally entered into a definitive agreement to acquire a 100 percent stake in Young Brand Apparel Private Limited (YBAPL), a subsidiary of Bannari Amman Spinning Mills Limited.
The acquisition encompasses the garment unit located at Palladam of Bannari Amman Spinning Mills Limited and a significant land and bu…
Read moreA remaster of both Legacy of Kain: Soul Reaver games was announced during September’s State of Play, confirming earlier PlayStation Network leaks. The new State of Play trailer also confirmed the leaked December 10 release date and that the remaster is being handled by developers Crystal Dynamics and Aspyr.
The two games are bundled together as Legacy of Kain: Soul Rea…
Read moreThey’re not sticking around much longer, but right now you can find great Prime Day deals for hit anime series like Dragon Ball Z, One Piece, Attack on Titan, and Cowboy Bebop. Most products are seeing at least a $20 price cut, making this a great time to stock up on Blu-rays of your favorite shows and movies.
Dragon Ball Z is heavily featured in the Prime Day anime catalog, with big di…
Read moreSomething new is cooking in the crypto world! The new blockchain technology is expected to allow casino patrons to get a casino chip, which will get them direct access to the gaming floor through the cryptocurrency or digital platform.
The technology will be available all around the world.
Game-changing te…
Read moreEveryMatrix, a leading B2B iGaming supplier, is expanding to the U.S. market. The agreement with BetMGM, a well-known iGaming operator, enables the developer to distribute its content via the New Jersey- based platform.
Read more
Top iGaming content provider Pragmatic Play has enhanced its existing offering of live casino products, adding several new tables across its Blackjack, Baccarat and Speed Baccarat range. The state-of-the-art tables will be housed in a new Ruby studio, which has also been added.
Fifteen new tables now complement the provider’s Blackj…
Read moreThe gaming regulator for the Netherlands has reportedly announced that two unlicensed iGaming operators have been forced to totally abandon the small nation’s emerging market after being threatened with very expensive ‘corrective sanctions’.
The Kansspelautoriteit used an official Thursday press release to detail that it conducted thorough official investig…
Read moreหากใครกำลังรอคอยข่าวคราวอัปเดตของเกม Solo Leveling มาติดตามข่าวนี้ได้เลยครับ เมื่อล่าสุดอนิเมะเรื่องดังกล่าวก็ได้ออกมาปล่อยภาพและเทรลเลอร์แรกมา…
Read more