OYO IPO
OYO IPO is a Mainboard book-built issue of up to ₹6,650 crore, consisting entirely of a Fresh Issue with no Offer for Sale. The IPO will be listed on BSE and NSE, while the price band, lot size and IPO dates are yet to be announced.
OYO IPO Details
OYO IPO is the proposed initial public offering of Oravel Stays Limited, the parent company of the OYO hospitality platform. The company has filed its Updated Draft Red Herring Prospectus-I with SEBI for a fresh issue aggregating up to ₹6,650 crore. The IPO does not include an Offer for Sale, while the IPO dates, price band and lot size are yet to be finalized.
OYO IPO Timeline (Tentative)
OYO IPO dates have not yet been announced in the Updated Draft Red Herring Prospectus-I. The company has filed its updated IPO document with SEBI, while the Bid/Issue Opening Date and Bid/Issue Closing Date remain marked as to be finalized. The allotment, refund, Demat credit and listing dates will be updated after the final IPO schedule is announced.
| Event | Tentative Date |
|---|---|
| IPO Opens | |
| IPO Closes | |
| Basis of Allotment | |
| Refund Initiation | |
| Credit of Shares to Demat | |
| Listing Date |
OYO IPO Lot Size
The OYO IPO lot size has not yet been announced. The company has not finalized the price band or minimum bid lot in the Updated Draft Red Herring Prospectus-I. Therefore, the minimum investment amount for Retail, S-HNI and B-HNI investors will be available only after the price band and lot size are finalized.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
OYO IPO Reservation
OYO IPO is proposed as a fresh issue of equity shares aggregating up to ₹6,650 crore. The issue structure provides for not less than 75% of the Net Issue to Qualified Institutional Buyers, not more than 15% to Non-Institutional Investors and not more than 10% to Retail Individual Investors. The exact number of shares reserved for each category will be finalized in the final issue documents.
OYO IPO Subscription
OYO IPO subscription status will be updated after the issue opens for bidding. The IPO is currently in the pre-issue stage and no subscription data is available.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About OYO
Oravel Stays Limited is the company behind OYO and operates a technology-driven hospitality platform connecting property owners and operators, referred to as Patrons, with Customers seeking short-stay accommodation. The company provides technology, brand and operator solutions including dynamic pricing, revenue management, content management, customer support and supply performance monitoring.
The company operates across three principal verticals: Hotels, Homes and Listings. Its hotel portfolio includes brands such as OYO, Sunday, Townhouse, Palette, Motel 6 and Studio 6. Its Homes business includes professionally managed vacation homes and short-term rentals under brands such as Belvilla, DanCenter and Checkmyguest, while Listings comprise storefronts listed on the platform for a fixed subscription fee.
As of December 31, 2025, the company had 293,554 storefronts globally, comprising 24,303 hotels, 124,668 homes and 144,583 listings across more than 35 countries. The company serves SME business travellers, corporate travellers, families, leisure travellers, pilgrimage groups and millennials through B2C and B2B offerings.
The company follows an asset-light business model in much of its hospitality operations and uses technology, branding and distribution to connect accommodation supply with customer demand. It has also expanded its company-serviced hotel model in India and strengthened its international presence through businesses such as G6 Hospitality in the United States and vacation-home operations in Europe.
Strengths
- Scaled technology-driven hospitality platform operating across hotels, homes and listings.
- Global presence across more than 35 countries with 293,554 storefronts as of December 31, 2025.
- Diversified brand portfolio including OYO, Sunday, Townhouse, Palette, Motel 6, Studio 6, Belvilla and DanCenter.
- Asset-light and scalable operating model supported by centralized technology and distribution systems.
- Strong direct customer distribution network and multi-brand presence across different price points.
- Experienced leadership team and established network effects across Patrons and Customers.
Risks to Consider
- The company operates in a highly competitive hospitality and travel market with competition from hotel chains, online travel platforms and alternative accommodation providers.
- The business is exposed to changes in travel demand, seasonality, economic conditions and consumer spending patterns.
- The company has significant borrowings, with total borrowings of ₹7,484.88 crore as of December 31, 2025.
- A substantial portion of the proposed IPO proceeds is intended for repayment or prepayment of borrowings of its Singapore subsidiary.
- A large and increasing share of revenue comes from markets outside India, exposing the company to foreign exchange, regulatory and market-specific risks.
- The company's recent profitability has been affected by accounting items including deferred tax credits, and future profitability may not remain at the same level.
OYO Financials (₹ Cr)
OYO reported a significant improvement in its consolidated financial performance over the last three financial years. Revenue from operations was ₹5,601.70 crore in FY2023, ₹5,541.59 crore in FY2024 and ₹6,252.83 crore in FY2025. Profit after tax improved from a loss of ₹1,286.52 crore in FY2023 to ₹229.58 crore in FY2024 and ₹244.82 crore in FY2025. For the nine months ended December 31, 2025, revenue from operations stood at ₹6,940.97 crore and profit for the period was ₹748.34 crore. Net worth increased from ₹1,587.91 crore in FY2023 to ₹4,763.90 crore in FY2025 and ₹6,146.62 crore as of December 31, 2025.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 9M FY2026 | ₹6,940.97 Cr | ₹748.34 Cr | ₹18,944.25 Cr | ₹6,146.62 Cr |
| FY2025 | ₹6,252.83 Cr | ₹244.82 Cr | ₹16,695.32 Cr | ₹4,763.90 Cr |
| FY2024 | ₹5,388.79 Cr | ₹229.58 Cr | ₹6,443.47 Cr | ₹1,856.55 Cr |
| FY2023 | ₹5,463.95 Cr | ₹(1,286.52) Cr | ₹7,932.43 Cr | ₹1,587.91 Cr |
KPIs & Valuation
OYO reported basic EPS of ₹0.52 and NAV of ₹4.26 per equity share for the nine months ended December 31, 2025. Return on Net Worth was 12.17% for the same period. The company reported EBITDA of ₹2,127.21 crore for the nine months ended December 31, 2025. Since the price band has not yet been finalized, Pre-IPO P/E and Post-IPO P/E cannot currently be calculated from the IPO price.
Objects of the Issue
The OYO IPO is proposed to be entirely a Fresh Issue of equity shares aggregating up to ₹6,650 crore. The company proposes to use ₹4,987.50 crore of the Net Proceeds for investment in its subsidiary, Oravel Stays Singapore Pte. Ltd., for repayment or prepayment of certain borrowings. The remaining proceeds are proposed to be used for general corporate purposes. The amount allocated to general corporate purposes will be finalized after determination of the Issue Price and will not exceed 25% of the Gross Proceeds. The company proposed to utilise the IPO proceeds for:
- Investment in Oravel Stays Singapore Pte. Ltd. for repayment/prepayment, in part or full, of certain borrowings, including applicable pre-payment penalties and accrued interest thereon.
- General corporate purposes, including acquisition of fixed assets, repairs and maintenance, repayment of debt of the Company and its subsidiaries, capital expenditure requirements, acquisitions or strategic initiatives, employee and personnel expenses, strengthening marketing capabilities, brand-building activities, interest payments, debt servicing costs and working capital requirements.
- The company may also consider a Pre-IPO Placement of up to ₹1,330 crore before filing the Red Herring Prospectus with the Registrar of Companies. If undertaken, the amount raised through the Pre-IPO Placement will be reduced from the Fresh Issue.
Promoters, Lead Managers & Registrar
Oravel Stays Limited is promoted by Ritesh Agarwal, RA Hospitality Holdings (Cayman) and SVF India Holdings (Cayman) Limited. The proposed IPO has eight Book Running Lead Managers, while MUFG Intime India Private Limited is the Registrar to the Issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited |
|---|---|
| Phone | +91 810 811 4949 |
| oravelstays.ipo@in.mpms.mufg.com | |
| Website | https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
OYO IPO Review
OYO's parent company, Oravel Stays Limited, has developed from an India-focused hotel aggregation platform into a global technology-driven hospitality business covering hotels, homes and listings. Its current platform spans more than 35 countries and includes a diversified portfolio of hospitality brands.
The company's financial performance has improved substantially in the latest reported periods. Revenue from operations increased from ₹5,601.70 crore in FY2023 to ₹5,541.59 crore in FY2024 and ₹6,252.83 crore in FY2025, while the company reported a profit of ₹244.82 crore in FY2025 compared with ₹229.58 crore in FY2024 and a loss of ₹1,286.52 crore in FY2023. For the nine months ended December 31, 2025, revenue from operations reached ₹6,940.97 crore and profit for the period was ₹748.34 crore.
The proposed IPO is entirely a Fresh Issue, meaning the proceeds are intended to go to the company rather than existing shareholders through an OFS. A major portion of the proceeds is proposed to be invested in Oravel Stays Singapore Pte. Ltd. for repayment or prepayment of borrowings, which is a key component of the current IPO structure.
At the same time, investors need to consider the company's borrowings, international exposure, competitive hospitality environment and fluctuations in profitability. Since the price band has not yet been announced, the valuation and P/E-based assessment of the IPO cannot be finalized at this stage.
How to Apply
OYO IPO applications can be made through the ASBA facility or through supported UPI-enabled IPO application platforms after the issue opens for subscription. The exact application amount and lot size will depend on the price band and minimum bid lot announced by the company.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select OYO IPO.
- Enter the number of lots you want to apply for.
- Select the bid price. Retail investors can generally choose Cut-off when available.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the company's Updated Draft Red Herring Prospectus-I and other IPO documents for detailed information about the business, financial performance, risk factors, IPO structure, objects of the issue, promoters and other disclosures. The Updated Draft Red Herring Prospectus-I is dated June 29, 2026 and was filed with SEBI on June 30, 2026. The final Red Herring Prospectus and Prospectus will be added once filed and available.
Last updated Sep 30, 2026.