SoftBank’s most problematic Indian investment is heading for a $1.1 billion IPO

Failed global ambitions, losses, layoffs, and bad reviews aren’t holding back controversial Indian hotel startup Oyo from going public.

On Oct. 1, the eight-year-old Indian budget hotel chain filed its draft red herring prospectus, seeking to raise around Rs8,430 crore ($1.14 billion).

The company, which raised $660 million in debt financing in July to repay past debts, plans to use $330 million from the IPO funding to repay debt.

Read the rest of this story on Become a member to get unlimited access to Quartz’s journalism.

Originally published on Quartz : Original article

Leave a Reply

Your email address will not be published. Required fields are marked *