OYO’s Upcoming IPO: Legal Counsel Leading the Charge
Oravel Stays Limited, the parent company of the hospitality giant OYO, is gearing up for a substantial ₹6,650 crore initial public offering (IPO). The legal luminaries at Shardul Amarchand Mangaldas & Co have been entrusted with guiding Oravel Stays through this complex process, acting as legal advisors regarding Indian law. This strategic move is detailed in the company’s updated draft red herring prospectus, with plans to list the equity shares on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The legal team from Shardul Amarchand Mangaldas is spearheaded by Partner and National Practice Head, Prashant Gupta, and Partner Devi Prasad Patel. Their expertise is further supported by Senior Associates Kamiya Marwah and Rishika Kharbanda, along with Associates Aishwariya Chaturvedi and Rudraksh Karnik, who all play pivotal roles in this high-stakes endeavor.
Bankers’ Legal Representation
On the other side, S&R Associates is providing legal counsel to the banking entities involved in the IPO. This team is led by Partners Juhi Singh and Shiv Bhargava, ensuring that the financial aspects of the public issue are comprehensively addressed.
In-House Expertise
Rakesh Kumar Prusti, serving as the General Counsel for Oravel Stays, leads the in-house legal team, ensuring alignment between the company’s strategic goals and legal obligations.
OYO’s Journey to the Public Markets
This IPO attempt by OYO is not its first. The company initially filed its draft offer documents with the Securities and Exchange Board of India (SEBI) in October 2021, aiming for an IPO valued at ₹8,430 crore. This earlier proposal included a fresh issue of ₹7,000 crore and an offer for sale of ₹1,430 crore. However, the plan was put on hold, and in March 2023, Oravel Stays opted for the confidential pre-filing route to renew its listing aspirations.
In a turn of events, OYO withdrew its IPO papers in May 2024, a decision reportedly influenced by expected significant changes in its financial statements amid a refinancing plan. Nevertheless, the latest filing signifies OYO’s continued ambition to enter the public markets, focusing solely on a fresh issue without any offer-for-sale component.
As OYO navigates this crucial phase, the involvement of seasoned legal experts underscores the complexity and significance of the IPO, reflecting the company’s commitment to securing a successful public listing.
