FHRAI files complaint to stop OYO from launching IPO

Federation of Hotel & Restaurant Associations of India (FHRAI) has said it has filed a complaint to SEBI to stop OYO from launching its IPO.

“Now that OYO has been found guilty of indulging in anti-competitive and unfair business practices thereby affecting the business of small hotels and suppressing competition, it is imperative that its IPO (Initial Public Offering) should not be allowed in the interest of the hospitality sector, consumers and potential investors,” FHRAI said in a statement.

OYO’s IPO efforts should be stopped with immediate effect, the Association said.

In October this year, the Competition Commission of India imposed penalties of more than ₹392 crore on online travel firms MakeMyTrip, Goibibo, and OYO for indulging in unfair business practices.