Oyo withdraws IPO on technical ground, to refile

NEW DELHI: Hospitality firm Oravel Stays Ltd, which operates the brand OYO, has withdrawn its IPO after material changes in its finances. The withdrawal, as per sources, is on technical ground and the IPO papers would be refiled after accounting for material changes in the company’s finances.

Sources told TNIE the company is planning to refinance its $450 million loan in the international bond market. “After refinancing of the loan, the interest cost of the company is likely to fall from 14% currently to 8-9%. This would bring material change in the finances of the company.