Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Capital Markets

<p>The Oyo listing should be a win for Softbank Group, which owns 47% (pre-listing) for a mere $1.1bn but initial pricing talk of $10-12bn seems wildly optimistic when matched against comparable valuations for premium online travel companies like Airbnb (implied Oyo value $4bn) or India tech ($7bn). Last year we thought this was worthless, so the turnaround is a pleasant surprise but we would not be buyers over INR 80/share ($7bn).</p>

The Oyo listing should be a win for Softbank Group, which owns 47% (pre-listing) for a mere $1.1bn but initial pricing talk of $10-12bn seems wildly optimistic when matched against comparable valuations for premium online travel companies like Airbnb (implied Oyo value $4bn) or India tech ($7bn). Last year we thought this was worthless, so the turnaround is a pleasant surprise but we would not be buyers over INR 80/share ($7bn).

Oyo and Softbank Group - This Would Be Generously Valued at $4-7bn but that Keeps CEO Under Water