Hospitality chain Oyo, backed by a board including industry veterans, is preparing for a fresh IPO filing after two previous attempts were withdrawn. The new filing will highlight improved financial performance, with the company reporting approximately Rs 1,100 crore in EBITDA for FY25. Oyo anticipates further growth, projecting a profit after tax of Rs 1,100 crore in FY26.
Hospitality chain Oyo has secured board approval to pursue a fresh initial public offering (IPO) filing, according to people familiar with the matter.
Sources cited above indicated that the filing will highlight the company’s quarter one financial performance and operational improvements.
Besides founder and CEO Ritesh Agarwal, Oyo’s board includes former Starbucks COO Troy Alstead; W Steve Albrecht, former president of the American Accounting Association and consultant with organisations like the United Nations and FBI; former Indigo Co-founder Aditya Ghosh; SoftBank managing partner Sumer Juneja and Bejul Somaia of Lightspeed Venture Partners.
This would be Oyo’s third attempt at an initial public offering. The company first filed its draft prospectus with the Securities and Exchange Board of India (Sebi) in 2021 but withdrew it in 2022. In that attempt, Oyo was targeting an IPO size of Rs 8,430 crore.
A second attempt via Sebi’s confidential filing route in 2023 was also pulled back in 2024.
In financial year 2025, the company achieved approximately Rs 1,100 crore in EBITDA. Sources said senior bankers are said to be optimistic about the improved long-term outlook of the company.
Oyo declined to comment on the specifics of the IPO plans, stating only that the company “continues to evaluate a range of strategic options to drive value for its stakeholders.”
ET reported in May that Oyo approached five investment banks for a meeting with key shareholder SoftBank that could determine the hospitality company’s way forward for a renewed attempt at a public listing.
The banks included Goldman Sachs, Citi, and Jefferies besides Axis Capital, the people said.
In an email to Oyo’s senior leadership in March, Ritesh Agarwal said looking ahead, the company expects a profit after tax of Rs 1,100 crore in financial year 2026, and an Ebitda of Rs 2,000 crore. He attributed the success to the company’s performance in ‘core markets’ such as India and the US along with ‘significant’ contributions from emerging markets in Southeast Asia and the Middle East.
