IPO-bound OYO gets listing approved from BSE and NSE

According to sources, Oravel Stays Limited, the parent company of travel-tech business OYO, has received in-principle approval to list on the BSE and NSE.

OYO has filed preliminary filings for an initial public offering (IPO) of Rs 8,430 crore (IPO). The offering will include a fresh issue of up to Rs 7,000 crore in shares and a Rs 1,430 crore offer-for-sale.

The company has gained approval for listing from the National Stock Exchange and the BSE, according to documents reviewed by PTI.

Typically, bourses grant such permission at advanced stages of the approval process, indicating that the regulatory path is close to being cleared for the business to pursue a listing.

The company submitted its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in September of last year and is currently responding to the regulators' inquiries and clarifications.

The SEBI observations are nearing the end, according to sources, and the final rounds of observations are likely in around ten days.