The company filed its draft prospectus with the Securities and Exchange Board of India on Tuesday, aiming to raise 66.50 billion rupees. This target may shift, however, as Oravel Stays is considering a pre-IPO placement of 13.3 billion rupees, which would adjust the final scale of the share sale. While the firm operates in over 35 countries, including the U.S. and Europe, the proceeds are earmarked for repaying existing debt and funding its Singapore-based subsidiary.

SoftBank maintains a significant influence, holding over 40% of the company on a fully diluted basis. Other prominent backers, such as Airbnb and Malaysia’s sovereign wealth fund, Khazanah Nasional, also maintain stakes. Although the bulk of the company's revenue stems from international markets, management pointed to India’s fragmented hospitality sector as a primary engine for future growth. The offering will be managed by a syndicate of bookrunners including Citi and Goldman Sachs, joining a recent surge of major Indian companies, such as Jio Platforms and the National Stock Exchange, in filing for market debuts.