SoftBank Group-backed Indian hospitality startup Oyo Hotels and Rooms are expected to file for an initial public offering (IPO) next week to raise around $1 billion, a source told Reuters on Thursday.

• PTC Industries Shares Soar 4% on Inking a Supply Agreement 
• HCL Tech Shares Gain 2% on Partnering Up with Strategy 
• Shares of Shriram Pistons skyrocketed 9% on Acquiring Antolin Lighting
• Stocks in Focus: Lloyds Engineering, SEAMEC, RailTel, and Others
• Overnight Stock Market Movements: Key Developments 

The hotel aggregator is looking to list in India’s financial capital of Mumbai. Its IPO is tentatively pegged at between $1 billion and $1.2 billion( Rs 8,000 crore), adding it will consist of a fresh issue of shares and an offer for sale from existing shareholders.

The listing plan follows a stellar debut by food delivery firm Zomato Ltd in July. Berkshire Hathaway Inc-backed Paytm and private equity firm TPG-backed Nykaa have also filed for IPO. Ride-hailing firm Ola, which SoftBank also backs, is also set to enter markets.

Oyo, in which SoftBank owns a 46 per cent stake and is one of its biggest bets, has endured months of layoffs, cost cuts and losses during the global health crisis.