OYO (Oravel Stays Ltd.), one of India’s top hospitality brands, hasn’t listed publicly yet—but its unlisted shares are creating a buzz among retail and institutional investors. With IPO speculation and recent bonus share moves, OYO’s private market activity is worth watching.
What Are OYO Unlisted Shares?
These are shares not traded on NSE/BSE, held by founders, employees (via ESOPs), investors, and pre-IPO buyers. Trading happens via the grey market, private equity desks, and startup platforms.
Bonus Shares Explained
In early 2024, OYO issued bonus shares 1:1—doubling each shareholder’s count. While the immediate value doesn’t change, it boosts liquidity, improves optics ahead of IPO, and rewards early investors.
Valuation & Price Trend
OYO’s unlisted shares currently trade around ₹20–₹28/share (Oct 2025). Historical valuations:
- 2019: ~$10B
- 2022: ~$7–8B
- 2023: ~$6.5B
- 2024: ~$3–4B (post markdowns)
IPO Outlook
The IPO was initially filed in 2021 but delayed due to market conditions. With strong Q1 FY26 performance (Revenue ₹2,019 Cr, PAT ₹200 Cr) and bonus share approval, a 2026 IPO seems plausible, with valuation around $7–8B.
Implications of Bonus Shares
- Existing shareholders/ESOPs: More shares, full upside participation.
- Pre-record date buyers: Potential benefit, higher risk.
- IPO-focused retail investors: Opportunity exists but listing gains may vary.
- Risk-averse: Wait for listing clarity and post-bonus financials.
Possible Scenarios
Smooth IPO → strong listing returns.
Modest IPO → tempered gains despite bonus.
IPO delay/regulatory issues → volatility in unlisted shares.
Profitability concerns → unlisted share prices drop.
Lock-in restrictions → limit early selling opportunities.
Current Unlisted Share Price: ₹28