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Softbank-backed <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword> is set to refile its much-awaited <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword> as the global travel tech player is close to finalising its refinancing plans to raise up to USD 450 million via sale of dollar bonds, sources said. JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said. In preparation for the refinancing, OYO has already moved its application with markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="153" meta.entityid="SEBI">SEBI</keyword> to withdraw its current draft red herring prospectus (<keyword id="19914966" type="General" weightage="20" keywordseo="DRHP" source="keywords">DRHP</keyword>). The company intends to refile an updated version of the DRHP, after the bond issuance. Oravel Stays Ltd, OYO's parent company, had in November prepaid a significant chunk of its debt amounting to Rs 1,620 crore through a buyback process. The buyback involved repurchasing 30 per cent of its outstanding Term Loan B of USD 660 million. The move brought down its outstanding loan amount to around USD 450 million. A source closely involved in the company's IPO plans told PTI, "The refinancing will result in material changes to OYO's financial statements. Hence as per existing regulations, it will need to revise its filings with the regulator". "Since the decision for refinancing is at an advanced stage, it doesn't make sense to continue pursuing IPO approval with the current financials. So it's prudent to withdraw the current application," he added. The refinancing will extend the repayment timeline to five years -- versus the repayment of the remaining TLB due in 2026 -- the source said. The bond issuance would significantly lower the current effective interest rate of 14 per cent on its existing USD 450 million Term Loan B (TLB) facility. "The refinancing is expected to result in annual interest savings of USD 8-10 million (Rs 66.4-83 crore) in the first year, after accounting for the costs associated with the bond issuance. The company anticipates annual savings of USD 15-17 million (Rs 124.5 -141.1 crore) thereafter, almost all of which would get added to its net profits. Post the debt refinancing, the company is open to contemplating an equity round, to reaffirm investor confidence before a public listing to fortify its financial strength," the source said. In September 2021, OYO had filed preliminary documents with the Securities and Exchange Board of India (Sebi) for a Rs 8,430 crore IPO. The launching of the IPO was delayed due to the then volatile market conditions making the company prepare to settle for a lower valuation at around USD 4-6 billion instead of the USD 11 billion it was targeting initially. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank">iQOO Z9x 5G with 120Hz display, 6000mAh launched starting at ₹12,999</a><a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank">Woman loses ₹54 lakh in work-from-home scam! Here's what it is and how to protect yourself</a>

OYO withdraws DRHP, to refile IPO post refinancing: Sources

Wellness Forever Medicare Ltd, a leading retail pharmacy and wellness network, has filed draft red herring prospectus (DRHP) with markets watchdog Sebi for an initial share sale. The size of the Initial Public Offering (IPO) of the company, backed by <keyword id="242973" type="General" weightage="20" keywordseo="Serum-Institute" source="Orion">Serum Institute</keyword>'s <keyword id="383467" type="General" weightage="20" keywordseo="adar-poonawalla" source="Orion">Adar Poonawalla</keyword>, is likely to be in the range of ₹1,500-1,600 crore, according to merchant banking sources. Apart from a fresh issue worth up to ₹400 crore, there will be an Offer for Sale (OFS) wherein shares will be offloaded by promoters — Ashraf Mohammed Biran, Gulshan Haresh Bakhtiani and Mohan Ganpat Chavan — and other shareholders. The proceeds from the fresh issue will be utilised for funding capital expenditure for setting up of new stores as well as incremental working capital requirements, repayment/ pre-payment of borrowings and for general corporate purposes, according to the Draft Red Herring Prospectus (DRHP). The OFS will include sale of up to 1.60 crore equity shares. Around 7.20 lakh shares each will be on offer by Biran and Bakhtiani. Besides, Chavan will offload up to 1.20 lakh shares and up to 144.85 lakh shares by other existing shareholders. IIFL Securities, Ambit Pvt Ltd, DAM Capital Advisors Ltd, and HDFC Bank are book running lead managers to the issue. In recent months, there has been a flurry of activities in the IPO market that also coincided with the stock market touching new peaks. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/here-is-a-list-of-ipos-likely-to-open-in-october-2021/slidelist/86693916.cms" data-type="tilCustomLink">From PolicyBazaar to Adani Wilmar -- Here is a list of IPOs likely to open in October</a> <a href="https://www.businessinsider.in/business/startups/news/top-earners-at-ritesh-agarwal-led-oyo-as-per-its-drhp/slidelist/86682750.cms" data-type="tilCustomLink">OYO’s Ritesh Agarwal took home ₹1.6 crore in FY2021 — here are the top earners in the IPO-bound company</a> <a href="https://www.businessinsider.in/politics/world/news/biden-floats-2-trillion-price-tag-social-spending-package-pushing-for-cuts-to-salvage-his-economic-plans/articleshow/86697537.cms" data-type="tilCustomLink">Biden floats $2 trillion price tag social spending package, pushing for cuts to salvage his economic plans</a>

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OYO withdraws DRHP, to refile IPO post refinancing: Sources

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Adar Poonawalla-backed pharmacy chain Wellness Forever files for IPO

PTI

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