Hotel company Oyo is again delaying its initial public offering (IPO). This time, it is due to opposition from its major investor SoftBank. This is the third time that Oyo has withdrawn its plan to sell shares.

According to Bloomberg, SoftBank wants Oyo to wait until it has raised more money before going public. Oyo’s IPO was to raise Rs 7,000 crore through new shares and Rs 1,430 crore through old shares.

The IPO delay comes despite Oyo’s profit growing six-fold to Rs 166 crore in the October-December period of 2024. Revenue during that period was Rs 1,695 crore, up 31% from the previous year. Oyo made a profit for the first time in 2023-24, at Rs 230 crore. But its revenue fell slightly, from Rs 5,464 crore to Rs 5,389 crore.

In May 2024, Oyo cancelled its IPO papers. Earlier, it had also planned to raise $450 million by selling bonds. Oyo had initially applied to sell shares in 2021, but the Stock Market Authority rejected it in January 2023.