Qatar Insurance Company, HNIs, Other Check into IPO-bound Oyo

A clutch of buyers, including Qatar Insurance Company (QIC) and a few high net worth individuals and family offices, purchased stakes in Oyo in November and December last year, said people familiar with the matter.

The secondary transactions were executed at a price of about Rs110 per share and included nearly 14.3 million equity shares, they said.

This would work out to a valuation of about $9.56 billion, similar to the last round of funding by Microsoft for the company, whose existing investors included Softbank Vision Fund, Sequoia Capital, Lightspeed Ventures, Greenoaks Capital, Airbnb, Hindustan Media Ventures, besides a 33% holding by its founder Ritesh Agarwal.

As per QIC’s website, it is the largest insurance company in the MENA region and is listed on the Qatar Exchange with a market capitalization of more than $4 billion.

The purchase are secondary transaction, with the share primarily being offloaded by Oyo’s Employee Welfare Trust, which holds them on the behalf of its employees, as a part of its ESOP Programme.

Oyo declined to comment on queries linked to the transactions.

Oyo had recently expanded its ESOP pool by 41%.

According to reports, more than 80% of current employees at Oyo have been granted ESOPs. S-ET

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