Reports indicate that Oyo Hotel & Homes, founded by Ritesh Agarwal, is currently in the process of withdrawing its initial public offering (IPO) draft application from the Securities and Exchange Board of India (Sebi). 

Sources cited in The Economic Times suggest that discussions regarding the withdrawal of the application have been ongoing, with stakeholders being informed, and the action is believed to be imminent. However, Oyo is reportedly planning to raise fresh capital from private market investors within the next six to eight months.

Despite these reports, Oyo has denied the claims, stating that the information is inaccurate and has not been officially confirmed.

Following the return of Oyo's first public offer filing by Sebi in January 2023, the company was required to revise and update the draft red herring prospectus (DRHP). Sebi asked for updates to various sections of the DRHP, including risk factors, key performance indicators (KPIs), outstanding litigations, and basis for valuation. Subsequently, Oyo made a confidential pre-filing with Sebi for a smaller-sized IPO, with potential plans for a listing closer to Diwali last year.

It's noteworthy that Founder Ritesh Agarwal holds a 33 percent stake in the company, while Japanese multinational investment holding company SoftBank owns 46 percent.