Oravel Stays Ltd, which operates travel tech firm and brand OYO, on Wednesday said it will refile its draft public listing application by the middle of next month.
The capital markets regulator SEBI had earlier this month requested that the company resubmit the draft initial public offering (IPO) papers with the requested revisions.
"We are working on updating all key sections simultaneously. Responsibilities have been divided among different teams, with senior company leaders driving the collaboration with the Book Running Lead Managers, essentially the IPO bankers, the lawyers and the auditors.
"We are keen on refiling the draft red herring prospectus (DRHP) by middle of February 2023, if not earlier," a company spokesperson said.
Updated financial statements
The updated financial statements for the first half of the fiscal year 2022–23 were OYO's most recent submission to SEBI.
The process of resubmitting the entire paperwork could take up to 2-3 months, the business has previously stated.
The company said SEBI in its letter had stated that "the disclosures contained in present DRHP do not take into account the material changes/disclosures arising from Updated financial statements as filed through addendums leading to revised period for disclosures which in turn leads to necessities to make material updates in Risk Factors, Basis of Offer Price, Outstanding Litigations and update other relevant sections of DRHP".
OYO submitted preliminary paperwork to the Securities and Exchange Board of India (SEBI) in September 2021 for an initial public offering (IPO) of Rs 8,430 crore.
Due to the then-volatile market environment, which forced the business to plan for a lower value at about USD 7-8 billion instead of the USD 11 billion it was initially aiming, the IPO's launch was postponed.
