软银集团支持的旅游平台OYO的母公司Stays Ltd.在其计划中的首次公开募股（IPO）估值问题上遭遇投资者抵制，知情人士透露，这是最新一家在定价问题上遭遇质疑的印度初创企业。
Stays Ltd., the SoftBank Group Corp.-backed parent of travel platform OYO, is facing investor pushback over the valuation for its planned initial public offering, according to people familiar with the matter, the latest Indian startup to encounter skepticism over pricing.
知情人士称，投资者表示有意按约2500亿卢比（约26亿美元）的投前估值参与认购，而该公司一直寻求4000亿卢比的估值。这些人士因讨论属私密性质，要求不具名。
Investors have indicated interest at a pre-money valuation of about 250 billion rupees ($2.6 billion), compared with the 400 billion rupees the company has been seeking, the people said, asking not to be identified because the discussions are private.
据印度亚洲新闻社（PTI）本周报道，该公司还将计划的IPO规模从665亿卢比削减至约335亿卢比。
The company has also cut the planned size of the IPO to about 33.5 billion rupees from 66.5 billion rupees, PTI reported this week.
知情人士称，Oravel目前正在举行投资者路演，目标最早于11月启动IPO。磋商仍在进行中，发行估值、规模和时间等细节可能会发生变化。OYO的一位代表未回复置评请求。
Oravel is currently holding investor meetings and is targeting an IPO launch as early as November, the people said. Deliberations are ongoing, and details including the valuation, size and timing of the offering could change. A representative for Oyo didn’t respond to a request for comment.
这种估值上的抵制凸显了寻求进入公开市场的印度初创企业面临的更严峻环境，投资者正在严格审视定价以及通往可持续盈利的路径。知情人士曾透露，印度即时零售公司Zepto Ltd.面临投资者可接受估值缩减约68%的情况，导致其在8月推迟了上市计划。
The valuation pushback underscores the tougher environment facing Indian startups seeking to tap public markets, as investors scrutinize pricing and the path to sustainable profitability. Zepto Ltd. faced a roughly 68% reduction in the valuation investors were willing to accept, prompting the Indian quick-commerce company to delay its listing plans in August, people familiar with the matter have said.
Oravel曾多次尝试上市。根据其招股说明书，该公司在最近一个财年实现营收694.1亿卢比，净利润74.8亿卢比。
Oravel has made several attempts to go public. The company filed draft IPO documents with the Securities and Exchange Board of India in September 2021 for an offering of 84.3 billion rupees. The regulator returned the filing in 2023, asking the company to update it.
根据招股书，OYO 由 Ritesh Agarwal 于 2012 年创立，已从印度扩展至 35 多个国家，截至 12 月 31 日拥有 24,303 家酒店门店、124,668 家民宿门店和 144,583 个房源。公司称截至该日已服务 1.1936 亿位独立客户。其品牌包括 Oyo、Motel 6、Townhouse、Sunday 和 Palette。
The company reported revenue of 69.41 billion rupees in its latest fiscal year, according to its prospectus. Net income was 7.48 billion rupees. Founded in 2012 by Ritesh Agarwal, OYO has expanded from India to more than 35 countries, with 24,303 hotel storefronts, 124,668 home storefronts and 144,583 listings as of Dec. 31, according to the prospectus. The company said it had served 119.36 million unique customers as of that date. Its brands include Oyo, Motel 6, Townhouse, Sunday and Palette.