Bangalore:
Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd is cutting the shares it plans to sell through an initial public offering (IPO) by about two-thirds as technology valuations plummet, Bloomberg News reported Monday, citing people familiar with the matter .
Oyo is preparing to file a new IPO document as early as this week, according to the report.
The company had initially filed to go public in October 2021, but postponed the sale of shares due to market conditions.
The company continued to report losses and in December said it was cutting 600 jobs in its business and technology divisions.
Oyo did not immediately respond to a Reuters request for comment.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)