Indian hotel chain Oyo is intending to raise about 84.3 billion rupees ($1.16 billion) in an initial public offering, as per draft papers submitted to the nation’s market regulator.

Oyo plans to give new shares worth up to 70 billion rupees while existing shareholders could sell shares worth up to14.3 billion rupees. Some of the start up’s conspicuous backers incorporate SoftBank Vision Fund, Lightspeed Venture Partners and Sequoia Capital India.

As per the draft plan transferred by ICICI Securities, which is one of the book running lead managers for the IPO, Oyo would likewise consider giving shares worth up to 14 billion rupees ($193 million) in a pre-IPO placement.

The Gurugram-headquartered firm said it would use continues from the IPO to take care of existing obligations and fund growth, which could incorporate consolidations and acquisitions.

Oyo’s technology permits hoteliers to acknowledge online bookings and payments through its platform, among different services. The start-up has extended past India and into the U.S., Europe and Southeast Asia. It considers India, Indonesia, Malaysia and Europe as its core development markets.

Last year, a New York Times report cast question on the Indian start-up’s financial health, featuring problematic strategies employed in the pursuit of growth.

The Covid pandemic has pounded the accommodation area and the Indian inn network laid off workers to reduce expenses and misfortunes.

The start-up is likewise the most recent among various highly valued Indian tech start-ups to enter the public market.

Food delivery firm Zomato made its market debut in July. Payments giant Paytm has filed for a $2.2 billion IPO. Ride-hailing firm Ola is wanting to raise up to $1 billion when it goes public. Walmart-owned e-commerce player Flipkart is likewise apparently thinking about a public listing.