Oyo Hotels mulls cutting IPO size amid tech headwinds, says report

Oyo is preparing to file a fresh IPO document as soon as this week, according to the report.

Pedestrians walk past an Oyo hotel in Tokyo. (Bloomberg/File)

Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd is cutting the shares it plans to sell via an initial public offering (IPO) by about two-thirds as tech valuations plunge, Bloomberg News reported on Monday, citing people familiar with the matter.

Oyo is preparing to file a fresh IPO document as soon as this week, according to the report.

The company had initially filed to go public in October 2021 but delayed the share sale due to market conditions.

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The company has continued to report losses, and in December said it is cutting 600 jobs in its corporate and technology departments.

Oyo did not immediately respond to a Reuters’ request for comment.

Once an MP, rape-convict Prajwal Revanna is now a clerk at prison library

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Former JD(S) MP Prajwal Revanna, grandson of former PM H D Deve Gowda, has been assigned clerical duties at Parappana Agrahara Central Prison after receiving a life sentence for rape. He earns Rs 520 per day and faces multiple charges stemming from four cases, with evidence including videos of the assaults recorded on his phone. He was found guilty in one case and still faces trial in the others.

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