OYO IPO 2026: Date, Price Band, GMP & Review — Ritesh Agarwal's Hospitality Giant Finally Lists?

By IPOMarket Editorial Team · Last reviewed: April 2026

Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.

Few Indian startup IPOs have been anticipated — and delayed — as long as Oravel Stays Ltd, the parent of OYO. After two failed DRHP filings (October 2021 and September 2023), the hospitality unicorn led by Ritesh Agarwal is back in the headlines for a potential third attempt in 2026. What makes this iteration different from the previous two is one critical fact: OYO turned profitable in FY24 for the first time in its history, transforming the equity story from "growth at all costs" to "profitable hospitality platform".

This review covers everything retail investors need to know about a potential OYO IPO in 2026 — the chequered filing history, the financial turnaround, the valuation reset from $9.6 billion to ~$2–3 billion, key strengths, governance concerns, and the decision framework for whether to apply.

OYO IPO — Key Details at a Glance

Note: All figures are editorial estimates based on prior DRHPs and current market context. OYO has not refiled with SEBI as of April 2026.

About OYO — From a Gurugram Dorm Room to 35+ Countries

OYO was founded in 2013 by a 19-year-old Ritesh Agarwal in Gurugram. The original concept — Oravel Stays — was a Bed-and-Breakfast aggregator inspired by Airbnb. Within a year, Ritesh pivoted to a more ambitious model: aggregating budget hotels under a single brand with standardised quality, central pricing and an asset-light franchise structure. The pivot was funded by a Thiel Fellowship grant and early backing from Lightspeed Venture Partners.

By 2018, OYO had become India's largest budget hotel chain by room count and had begun aggressive international expansion into China, Southeast Asia, Europe and the US. At its 2019 peak, the company operated across 800+ cities in 80+ countries and was valued at $10 billion following a SoftBank-led round. The COVID-19 pandemic in 2020 hit OYO harder than almost any other Indian unicorn — international travel collapsed, hotel partners threatened lawsuits over withheld payments, and OYO was forced to slash its workforce by 50% and exit several geographies.

The post-COVID recovery has been long but real. Today OYO operates in 35+ countries with 1 million+ rooms under its network, and FY24 revenue stood at ₹5,388 Cr — down from peak but with materially better unit economics. The key metric for any IPO investor is that OYO turned net-profit-positive in FY24 for the first time, ending a decade of losses.

OYO IPO Timeline — Three Attempts in Five Years

OYO's IPO journey has been one of the most-watched and most-delayed in Indian primary markets:

• October 2021: First DRHP filed seeking ₹8,430 Cr at a target valuation of ~$12 billion. SEBI returned the filing with multiple queries on financial disclosures, governance and the going-concern basis given the company's losses. The filing was effectively shelved.
• September 2023: Refiled DRHP with a confidential pre-filing route at a much-reduced target valuation of ~$2.5 billion (₹2,500 Cr issue size). Subsequently withdrawn in early 2024 amid lender-related concerns and a bond-buyback transaction.
• 2026 expected: A third refile is widely anticipated following the FY24 profitability milestone, debt reduction via buyback, and a strengthening Indian travel and hospitality market post-COVID.

The pattern of repeated filings and withdrawals is itself a risk signal — institutional investors will study the 2026 DRHP carefully for changes in financial disclosures, governance structures and use-of-proceeds compared with the 2021 and 2023 attempts.

Financial Turnaround — Losses to Profit

OYO's financial trajectory is the central story of the IPO. Key data points (per public filings and reported figures):

• FY20: Revenue ₹13,168 Cr; Net loss ₹13,123 Cr (peak loss year, COVID-impacted)
• FY21: Revenue ₹3,962 Cr; Net loss ₹3,944 Cr
• FY22: Revenue ₹4,781 Cr; Net loss ₹2,140 Cr
• FY23: Revenue ₹5,464 Cr; Net loss ₹1,286 Cr
• FY24: Revenue ₹5,388 Cr; Net profit ₹229 Cr (first profitable year)

The path to profitability has been driven by a combination of (1) exiting unprofitable international markets, (2) consolidating around premium hotel formats like Townhouse and Collection O that generate higher per-room revenue, (3) significant debt reduction through a 2024 bond buyback, and (4) tighter operational controls on the franchise contract structure that previously caused friction with hotel owners.

Business Model — Asset-Light Franchise Hospitality

OYO operates an asset-light franchise model rather than owning hotel real estate. Independent hotel owners agree to operate under the OYO brand in return for the company providing technology, distribution, branding and central reservations. OYO takes a percentage of revenue or a fixed franchise fee depending on the contract type. The business splits roughly into three segments:

• OYO Rooms (budget): the original product, primarily Indian and South Asian budget hotels.
• Townhouse and Collection O (premium): the company's premium and mid-tier formats with higher per-room ADR and tighter quality control.
• OYO Vacation Homes (international): vacation rentals primarily in Europe, acquired through the 2019 Leisure Group transaction.

The premium and vacation-home segments are growing faster than the legacy budget segment, gradually shifting the mix and improving margins.

Townhouse vs OYO Rooms — Segment Economics

The internal mix of OYO's room portfolio matters more for the equity story than the headline room count. The legacy OYO Rooms budget format was the original franchise that drove early growth but also produced most of the hotel-owner friction during the 2018-2020 period. Average daily rates (ADR) in this segment are low, take-rates are thin, and operational complexity is high.

The Townhouse and Collection O premium formats are a different business. ADRs are 2-3x the budget tier, hotels are higher-quality independent properties, and the operational model is more disciplined. Profitability in these formats is meaningfully better than the legacy budget tier, and the company's strategic priority is shifting the mix toward premium. For IPO investors, the most important disclosure to look for in the 2026 DRHP is the segment-level revenue and contribution margin split — if Townhouse and Collection O are growing as a share of total revenue while delivering positive contribution, the equity story is strong; if they are not, the FY24 profit risks reverting.

International Operations — Lessons From the 2019 Expansion

OYO's 2019 international expansion remains one of the boldest and most-criticised growth episodes in Indian startup history. The company scaled simultaneously across China, Southeast Asia, Europe and the US — adding hundreds of thousands of rooms in a 12-month window. Most of these markets proved to be loss-making at the unit level, and OYO has subsequently exited or substantially scaled back operations in China, the US and several European markets.

What remains is a more focused international portfolio: vacation homes in Europe (largely the legacy Leisure Group acquisition), a smaller and more disciplined Southeast Asia footprint, and select Middle Eastern markets where the brand-and-franchise model fits. Investors evaluating the 2026 DRHP should look closely at the geographic revenue split — if international is contracting as a share of total revenue but delivering improving contribution margins, that is a positive signal of capital discipline.

Expected IPO Details

The 2026 refile is expected to be a combination of fresh issue (for general corporate purposes and debt reduction) and offer-for-sale (by SoftBank, Peak XV and other early investors seeking partial liquidity). Total issue size is expected in the ₹4,000–₹6,000 Cr range at a valuation of $2–3 billion (~₹17,000–₹25,000 Cr).

At this valuation, the implied price-to-sales multiple is 3–4× FY24 revenue — a meaningful discount to the 2019 peak of $10 billion (~13× P/S) but a premium to traditional hotel chains. The valuation effectively positions OYO as a profitable hospitality platform rather than a high-growth unicorn.

Strengths — Why OYO Could Be Compelling

• First profitable year achieved. FY24 net profit of ₹229 Cr resets the entire equity narrative.
• Asset-light scale. 1 million+ rooms across 35+ countries with no real-estate balance-sheet risk.
• Premium-format growth. Townhouse and Collection O are gaining share in higher-margin segments.
• Debt reduction completed. The 2024 bond buyback meaningfully strengthened the balance sheet.
• India travel tailwind. Post-COVID Indian hospitality recovery has been strong, with mid-market hotels seeing healthy RevPAR growth.

Risks & Controversies

• Two prior failed filings. Repeated withdrawals raise governance and disclosure-quality questions.
• SoftBank overhang. SoftBank's large stake will create selling pressure post-listing whenever the lock-in expires.
• Hotel owner friction. OYO has historically faced lawsuits and complaints from hotel partners over payment delays and contract disputes — these reputational issues have not fully resolved.
• Governance concerns. Earlier DRHPs flagged related-party transactions, complex international subsidiary structures, and disclosure questions that institutional investors will scrutinise.
• Single profitable year. A single year of ₹229 Cr profit on a ₹5,388 Cr revenue base is a narrow margin of comfort. Any macro travel slowdown could reverse it.

SoftBank Overhang and Lock-In Mechanics

SoftBank's Vision Fund remains one of OYO's largest institutional shareholders, and any post-listing share-price action will be heavily influenced by SoftBank's selling behaviour. Indian IPO regulations require a 6-month lock-in for pre-IPO shareholders (12 months for promoters), after which selling becomes possible. SoftBank has typically been a methodical seller in its Indian portfolio companies — Paytm, Policybazaar and Zomato all saw structured SoftBank exits over multiple quarters post-listing rather than single-day block deals.

For prospective OYO investors, the practical implication is that the share-price ceiling for the first 12-18 months post-listing is likely to be capped by SoftBank-related selling pressure. This is not necessarily negative for long-term holders — the gradual de-risking of the cap table can actually be positive for stability — but it does mean retail investors should be cautious about expecting strong listing-day or first-quarter price performance.

For a deeper look at how the IPO lock-in mechanism works see our explainer on IPO lock-in periods for promoters and anchor investors.

Should You Apply for the OYO IPO?

OYO is a high-risk, high-reward turnaround IPO. Here is a sensible decision framework once it refiles:

1. Read the 2026 DRHP carefully. Compare it line-by-line against the 2021 and 2023 versions to spot what has actually changed.
2. Track FY25 quarterly trajectory. A single profitable year is not a trend. Watch the FY25 quarterly numbers carefully.
3. Consider the SoftBank lock-in schedule. Post-listing share-price action will be heavily influenced by when SoftBank can sell.
4. Use the IPO allotment checker to verify your application post-subscription.
5. Size your application conservatively. This is not a "core portfolio" IPO. Treat it as a small allocation, not a top-3 holding.

For aggressive investors who like turnaround stories, OYO 2026 is more credible than OYO 2021 or 2023. For conservative investors, waiting for two more profitable years post-listing is a more sensible approach.

ESG and Governance — The Quiet Hurdle

Indian IPOs are increasingly scrutinised on environmental, social and governance disclosures, and OYO has historically had a complicated relationship with each pillar. Hotel-owner relations, employee headcount reductions during the pandemic, and a complex web of international subsidiaries have all attracted media and regulatory attention. The 2026 DRHP refile will be evaluated as much on governance disclosures and related-party-transaction transparency as on financial performance. Institutional anchor allocation — the names that appear on the anchor book one day before issue open — will be the strongest signal that institutional governance comfort has been achieved.

Valuation Discussion — From $10B Peak to $2–3B Reset

The most striking number in the OYO story is the valuation reset from a peak of $10 billion in 2019 to an expected listing valuation of $2–3 billion in 2026 — a 70–80% derate. This reflects three things: (1) the valuation excess of the 2019 SoftBank-led round, (2) the COVID destruction of international travel, and (3) the broader public-market derating of unprofitable tech and consumer-internet names since 2022.

For retail investors, the practical implication is that the 2026 listing price likely incorporates a meaningful discount to the company's prior private-market valuation. Whether this discount is sufficient compensation for the residual risks (governance, hotel-owner friction, SoftBank overhang) is the central judgment call of the IPO.

How to Apply for OYO IPO — Broker CTA

Once OYO opens for subscription, you can apply through any SEBI-registered broker:

• Zerodha → — IPO module in Console
• Upstox → — Discover → IPO
• Angel One → — IPO section
• Groww → — IPO discovery

If you do not have a demat account, open a free demat account before the next major IPO. Track your applications across all brokers using our IPO portfolio tracker. Get a sense of currently active issues on the open IPOs page or pipeline issues on upcoming IPOs in 2026.

Frequently Asked Questions

Is the OYO IPO confirmed for 2026? No. As of April 2026, OYO has not refiled a DRHP with SEBI. Two prior filings (Oct 2021 and Sep 2023) were withdrawn. A 2026 refile is widely expected following the FY24 profitability milestone but not officially announced.

What is the OYO IPO price band? There is no official price band. Editorial estimates based on a $2–3 billion target valuation suggest a market cap of ₹17,000–₹25,000 Cr, but the per-share price band will only be known at refile.

What is OYO GMP today? Grey Market Premium is only quoted once an IPO is officially announced. Track current GMP on our live IPO GMP tracker.

Who owns OYO? Founder Ritesh Agarwal owns approximately 33% of OYO post a 2024 buyback. Major institutional shareholders include SoftBank, Peak XV (formerly Sequoia India), Airbnb and Microsoft.

Is OYO profitable now? Yes. OYO turned net-profit-positive in FY24 with a profit of ₹229 Cr on revenue of ₹5,388 Cr — its first profitable year since founding.

What happened to the OYO IPO? OYO filed its first DRHP in October 2021 at a $12 billion target, but SEBI returned multiple queries and the filing was shelved. A second filing in September 2023 at a $2.5 billion target was withdrawn in early 2024 amid bond buyback and lender-related concerns. A third attempt is expected in 2026.

What is OYO valuation in 2026? Editorial estimates put the expected listing valuation in the $2–3 billion range (₹17,000–₹25,000 Cr) — a substantial discount to the 2019 peak of $10 billion.

How to apply for OYO IPO? Once announced, apply through Zerodha, Upstox, Angel One, Groww or any SEBI-registered broker via UPI or net banking. See our how to apply for IPO guide.

Last reviewed: April 2026 by IPOMarket Editorial Team. We update this article as OYO progresses toward (or away from) a 2026 refile. Bookmark this page or subscribe to IPO alerts.