OYO’s IPO Hinges On One Trade-Off: Profitability Vs Debt

OYO’s IPO became synonymous with highs and lows in India’s startup ecosystem. Every high point in the past four years saw OYO announce plans for an IPO, just to walk it back when things got rough. The company first filed its draft prospectus in 2021, hoping to become one of India’s largest new-age technology listings at a valuation north of $9 Bn amidst a wave of new-age firm listings including that of Eternal, Nykaa and Paytm.