OYO to file for $1 bn IPO: Report

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New Delhi, Sep 23 | Hospitality major OYO is looking to file for an initial public offering (IPO) as soon as next week, media reports said.

According to TechCrunch, the seven-year-old startup, founded by 27-year-old Ritesh Agarwal, is planning to raise as much as $1.2 billion in the IPO.

The aforementioned terms could slightly change in the next few days and the startup may take an additional few days to file the paperwork, citing sources, the report said.

Like Zomato and a handful of firms, including Paytm and PolicyBazaar, OYO plans to list on Indian stock exchanges, as per a source.

The firm, which counts SoftBank, Lightspeed Partners and Airbnb among its investors and was most recently valued at $9.6 billion, had about $780 million to $800 million in the bank as of three months ago (per Agarwal’s public comment at a recent conference) and raised $660 million in debt in July.

OYO, which recently raised about $5 million in a strategic investment from Microsoft, operates in nearly three dozen countries, the report said.

The start-up, one of the most valuable in the South Asian nation, has developed an operating system of sorts to help hoteliers accept digital bookings and payments, it added.

OYO, using its technology stack, helps hoteliers determine the best price for a room and helps them with discoverability and integrations with third-party hotel booking services such as booking.com and MakeMyTrip.

Like most others in the travel and hospitality business, OYO was severely hit by the pandemic but has recovered considerably in recent months.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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