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SoftBank-backed Oyo files for $1.1bn India IPO

Vision Fund to cut stake after hotel startup reveals 69% fall in revenue

Indian hotel startup Oyo is planning a $1.1bn fundraising on local stock markets. SoftBank Group’s Vision Fund holds a 46.6% stake in the company. (Source photos by Reuters and screenshot from Oyo's website) 

TOKYO -- Oravel Stays, the Indian hotel startup known as Oyo, is planning to raise up to 84.3 billion rupees ($1.1 billion) in an initial public offering on local stock exchanges.

In a draft filing with the local securities regulator dated September 30 and released on Friday, Oyo said it plans to raise 70 billion rupees by issuing new shares, with the remaining funds coming from the sale of shares by existing investors. SoftBank Group's Vision Fund, which holds a 46.6% stake in the company, plans to sell 13.285 billion rupees-worth of shares.

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