OYO Hotels IPO may come in early 2023. The hotel-booking company filed new financial documents with SEBI on Monday. Oyo had filed IPO documents in November 2021, but the coronavirus pandemic hit the company and had to cut thousands of jobs, after which plans for an IPO listing were shelved earlier this year.
Sales have increased and losses have also decreased
The addendum filed by Oyo on Monday shows that in the first quarter of FY23, i.e. April, May, and June, the company's sales have increased and losses have come down. OYO's revenue from operations in the first quarter stood at Rs 1,459.3 crore. The firm has registered a growth of 47% in gross booking value per hotel in Q1FY23. It stood at Rs 3.25 lakh, which was Rs 2.21 lakh in FY22.
44.4% reduction in expenses
OYO claimed that its general and administrative expenses have come down by 44.4% in FY22. In FY22, it became 515.4 crores, which was Rs 927 crores in FY21. Employee expenses also declined by 26.5% to Rs 1,117.2 crore from Rs 1,520.4 crore in FY21. Oyo said its 'storefronts' stood at 1.68 lakh at the end of Q1FY23, from around 1.57 lakh at the end of FY21.
IPO by Q4 of FY23
Sebi may consider the IPO document of Oyo Hotels after the submission of financials for the second quarter. Considering this speed, OYO Hotels can launch its IPO by the fourth quarter of FY23.
Oyo was started in 2013
Oyo was started in 2013 by Ritesh Agarwal, who was then 19 years old. OYO Rooms targeted affordable hotels. He used to go to the hoteliers and associate them with him. He then worked on the hotel's branding, marketing, technology support, customer management, and look and feel. Due to this, the business of the hotel increased by 2 times. Gradually the concept started becoming popular and funding started pouring in.
Focus on India, Malaysia, Indonesia, and Europe
With the backing of high-profile investors such as SoftBank and Lightspeed Venture Partners, it rapidly expanded into Southeast Asia, China, Europe, and the Americas. However, the startup is now focusing on four main regions: India, Malaysia, Indonesia, and Europe. It has cut down operations in markets like the US and China. Here now the number of its employees is in single digits.
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