Hospitality startup Oyo readying to file IPO papers in first quarter

Hospitality startup Oyo has started work on filing its draft red herring prospectus (DRHP) by the first quarter of the new financial year, sources said, marking its third attempt to go public. The impending initial public offering (IPO) is linked to ongoing shareholding restructuring undertaken by founder Ritesh Agarwal. Last week, ET reported that early investors Lightspeed Venture Partners and others are looking to sell stakes in the Gurgaon-based firm while Peak XV Partners has already sold shares worth $80-90 million. The IPO plans are also part of debt financing agreements undertaken by Agarwal for him to launch a public offering this calendar year.