Oyo withdraws IPO papers for second time, opts for private placement

Indian budget hotel aggregator Oyo has withdrawn its papers for an initial public offering (IPO), regulatory disclosures showed, the second time the company has pulled its flotation plans in nearly three years.

The reason for the withdrawal was not immediately clear from the disclosure on the Securities and Exchange Board of India (SEBI) website, which showed the Softbank-backed firm withdrew its papers on May 17.

Oyo did not respond to a Reuters request for comment, but a source with direct knowledge of the matter said the firm is close to finalising a refinancing plan and is looking to raise $350 million to $450 million through bond issuance.