Hospitality technology firm withdraws draft papers, to refile after refinancing
Softbank-backed OYO is set to refile its highly anticipated initial public offering (IPO) as the leader in international travel technology approaches completion of refinancing plans to earn up to USD 450 million through the issue of dollar bonds, said PTI in its news report citing sources.
JP Morgan is most likely to be the lead banker for the refinancing through the selling of dollar bonds at an expected interest rate of 9 to 10% annually, according to a PT news article that cited its source.
OYO has already submitted an application to markets regulator SEBI to withdraw its current draft red herring prospectus (DRHP) in advance of the refinancing. Following the bond offering, the company plans to refile a modified version of the DRHP.
