Oyo in talks with investment banks for managing its $1.5-bn IPO: Sources

SoftBank-backed Oyo is eyeing valuation range of $14 bn-$16 bn, say sources close to the development

The board of Oravel Stays, the parent firm of Oyo, approved the increase in the authorised share capital of the company, from the existing Rs 1.17 crore to Rs 901 crore, at an extraordinary general meeting held on September 1, reveal the regulatory filings. 

The changes come ahead of the company’s proposed plans of a public listing. The firm is expected to file its draft red herring prospectus in the months to come, as it prepares to launch its initial public offering (IPO). The travel technology firm is expected to raise between $1.2 billion and $1.5 billion at a valuation of