OYO IPO 3.0: The law firms behind its ₹6,650 crore public issue

Shardul Amarchand Mangaldas & Co advised Oravel Stays Limited, the parent company of OYO, on its proposed ₹6,650 crore initial public offering.

The firm acted as legal counsel to the company as to Indian law, according to the updated draft red herring prospectus. The IPO is proposed as a fresh issue of equity shares, with the shares to be listed on the BSE and NSE.

The SAM team was led by Partner and National Practice Head Prashant Gupta along with Partner Devi Prasad Patel.

The team also included Senior Associates Kamiya Marwah and Rishika Kharbanda, and Associates Aishwariya Chaturvedi and Rudraksh Karnik.

S&R Associates advised the bankers as Indian legal counsel. The S&R team was led by Partners Juhi Singh and Shiv Bhargava.

The in-house legal function at Oravel Stays is led by Rakesh Kumar Prusti, General Counsel of the company.

This is not OYO’s first attempt to go public. Oravel Stays had first filed its draft offer documents with SEBI in October 2021. That proposed IPO was reportedly for ₹8,430 crore, comprising a fresh issue of ₹7,000 crore and an offer for sale of ₹1,430 crore.

The company later renewed its listing plans through the confidential pre-filing route in March 2023. However, in May 2024, OYO withdrew its IPO papers for the second time, with reports stating that the move was linked to anticipated material changes in its financial statements as part of a refinancing plan.

The latest filing marks another attempt by the hospitality company to access the public markets, this time through a fresh issue with no offer-for-sale component.