The multicorporate-backed hotel platform is set to issue up to $942m of new stock in the offering while SoftBank plans to sell over $175m of its shares.

Oyo, the India-based accommodation platform backed by corporates Airbnb, Didi Chuxing, Hero Enterprise, Huazhu Hotels Group, Microsoft and SoftBank, filed yesterday for an Rs 84.3bn ($1.16bn) initial public offering.

The company will issue up to $942m in new shares while the rest will come from secondary transactions involving existing investors. Telecommunications and internet group SoftBank plans to divest more than $175m of its stake.

Founded in 2013, Oyo has built an online platform that helps users book short-term accommodation…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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