OYO Faces Legal Dispute With Rival Zostel Before IPO

OYO Faces Legal Dispute With Rival Zostel Before IPO

SUMMARY

ZO Rooms’ parent entity Zostel Hospitality has approached the Delhi High Court (HC) to restrain it from modifying its shareholding structure or cap table including by way of an IPO, say reports

The matter, set to be heard in the high court on Wednesday (September 29, 2021), will decide whether or not OYO can take the IPO route before a settlement with Zostel

IPO-bound hospitality unicorn OYO is likely to file its draft red herring prospectus (DRHP) with an estimated capital raise of $1 Bn

IPO-bound hospitality unicorn OYO is likely to file its draft red herring prospectus (DRHP) this week (which may be pushed to next week) with an estimated capital raise of $1 Bn. As OYO gears up for its IPO, it is reportedly facing a legal hindrance as its long-term rival, ZO Rooms’ parent entity Zostel Hospitality, has approached the Delhi High Court (HC) to restrain it from modifying its shareholding structure or cap table including by way of an IPO. 

The matter, set to be heard in the HC on Wednesday (September 29, 2021), will decide whether or not OYO can take the IPO route before a settlement with Zostel, according to reports.

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