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Oravel Stays Ltd, the parent company of travel-tech firm Oyo , is set to refile its public listing application of its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by the middle of February.

The company had earlier indicated that the process of refiling the comprehensive document could take two to three months. OYO’s last submission to SEBI was the updated results for the first half of the financial year 2022-23.

Earlier this month, the capital markets regulator had asked the travel-tech firm to refile the draft IPO papers with certain updates under sections, including Risk Factors, KPIs, Outstanding Litigations, and Basis for Offer.

In its letter to OYO, SEBI has said, “The disclosures contained in present DRHP do not take into account the material changes/disclosures arising from updated financial statements as filed through addendums leading to revised period for disclosures which in turn leads to necessities to make material updates in Risk Factors, Basis of Offer Price, Outstanding Litigations and other relevant sections of DRHP.”

“We are working on updating all key sections simultaneously,” said an OYO spokesperson on the progress of the IPO refiling exercise.

“Responsibilities have been divided among different teams, with senior company leaders driving the collaboration with the book running lead managers, essentially the IPO bankers, the lawyers and the auditors. We are keen on refiling the DRHP by middle of February 2023, if not earlier.”

The company refused to offer any estimation of the time that SEBI would take take for approval, once the DRHP is filed. However, the company hopes to get the approval by April 2023, a source close to the matter said.

OYO had recently submitted, through an addendum to the DRHP, the financial results for the first half of 2022-23 to SEBI. It cited that potential investors need to be made aware of the material uptick in its business performance since its IPO application in September 2021.

The company had reported its maiden positive adjusted EBITDA of Rs 63 crore, a 24% year-on-year increase in revenue, and a 69% increase in monthly booking value for its hotels in the first six months of FY2023.

SEBI has asked the company to update other material information in the same vein. This move of SEBI seems to be in line with its expectation of higher levels of transparency in the IPO process. Lately, it has asked companies to share additional KPIs (key performance indicators) and the basis for pricing of IPOs.

In its meeting with bankers in December last year, SEBI had shared the steps it was taking to reduce the IPO processing time.