Report
EUR 92.09
For Business Accounts Only
Oyo runs a digital platform that serves as a hotel and home aggregator between patrons, which include owners and lessors, and customers, such as travelers and guests booking for accommodation. As of Mar 2021, Oyo had 157,344 storefronts across more than 35 countries listed on its platform.
The firm has strong network effects from growing both its supply and demand end which has been aided by acquisitions. Operating on an asset-light business, improving unit economics could create a path to profitability as the business scales. Furthermore, it also enjoys tailwinds in the short-stay accommodation market. However, the firm’s business had been expectedly battered by the pandemic and it remains far from being profitable. It runs a cash-burning model and its listing is muddied by a host of controversies in the past and present. Founder had earlier engaged in a share buyback and returns have been dismal, to say the least. The filing could do with better disclosures as well.
Oravel Stays (Oyo) Pre-IPO
Oravel Stays (Oyo) is looking to raise around US$700m in its upcoming India IPO. The IPO will consist of both a primary and secondary portion.Oyo runs a digital platform that serves as a hotel and home aggregator between patrons, which include owners and lessors, and customers, such as travelers and guests booking for accommodation. As of Mar 2021, Oyo had 157,344 storefronts across more than 35 countries listed on its platform.
The firm has strong network effects from growing both its supply and demand end which has been aided by acquisitions. Operating on an asset-light business, improving unit economics could create a path to profitability as the business scales. Furthermore, it also enjoys tailwinds in the short-stay accommodation market. However, the firm’s business had been expectedly battered by the pandemic and it remains far from being profitable. It runs a cash-burning model and its listing is muddied by a host of controversies in the past and present. Founder had earlier engaged in a share buyback and returns have been dismal, to say the least. The filing could do with better disclosures as well.
Underlying
Oravel Stays (Oyo)
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Clarence Chu
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