Oravel Stays Ltd., the parent of OYO, filed an updated prospectus to raise up to 66.5 billion rupees ($703 million) in a fresh share‑only IPO on Indian exchanges. The filing shows no secondary sale; all offered shares will be newly issued. A pre‑IPO placement of up to 13.3 billion rupees could trim the final listing size.

The capital raise aims chiefly at repaying or pre‑paying existing debt, a move that could improve the hospitality platform’s balance sheet after a year of revenue growth. Oravel reported 69.41 billion rupees of revenue in the nine months to Dec. 31, 2025, up from 62.59 billion rupees a year earlier, and posted a profit after tax of 7.48 billion rupees. SoftBank Group remains the largest backer, with Microsoft, Airbnb, Khazanah Nasional and Lightspeed also on the shareholder register.

The offering arrives as India’s IPO market slows, with $3.8 billion raised in the first half of the year versus $4.6 billion a year earlier. Still, Oravel joins a queue of large listings, including Jio Platforms and the National Stock Exchange. Lead managers such as Goldman Sachs and Citigroup will book‑run the issue, positioning the deal as a benchmark for the sector.