SEBI requested OYO to share an updated DRHP; IPO to be delayed by three months

Hospitality chain OYO is likely to delay its IPO (initial public offering) plans by another three months as the stock exchange regulatory body SEBI has asked the startup to update its draft red herring prospectus (DRHP).

This action was taken because OYO’s DRHP filing with the SEBI did not include updated financial disclosures for the September quarter of FY23. According to a source at Inc42, SEBI has also directed OYO to provide updated information on risk factors, KPIs, outstanding litigations, and valuations, as well as other material information. The news comes almost a month after Inc42 reported that OYO had laid off 600 employees in the product and engineering departments.