India's stock market is set for a surge in high-profile IPOs, with several home-grown companies eyeing public listings. Among the most anticipated is OYO, the global hospitality chain, which appears to be making a strategic move toward its debut on Dalal Street.

In an exclusive interaction with Fortune India, OYO founder and CEO Ritesh Agarwal said the company remains focussed on staying IPO-ready, with an independent board, robust governance, and high-quality earnings. The final decision on a public offering, he added, will rest with OYO’s board once these foundations are firmly in place.

“Ultimately, it’s a decision for our board, but given the significant profits we’ve generated, we no longer require external capital to drive our growth,” said Agarwal.

“Our focus is on keeping the company IPO-ready—with an independent board, strong governance, and high-quality earnings. Once that foundation is in place, it will be up to the board to decide the right time for a public offering,” explained the OYO CEO.

Notably, OYO became the most profitable Indian startup in 2024–25, posting a profit after tax (PAT) of ₹623 crore, as Agarwal revealed during a townhall with employees last month. The company's FY25 PAT surged 172% from ₹229 crore in the previous fiscal. Its revenue grew to ₹6,463 crore, up 20% year-on-year, fuelled by strong demand. On the operating front, the company achieved an adjusted Ebitda of ₹1,132 crore in FY25, up 27% from ₹889 crore in the year-ago fiscal.

The travel tech platform reported a 54% rise in gross booking value (GBV) to ₹16,436 crore, driven by the company's premium offerings through its company-serviced portfolio including the mid-segment Townhouse Hotels and SoftBank and Oravel-promoted Sunday hotels) across India, the U.K., and the South East Asia and Middle East (SEAME) region as well as the integration of G6 Hospitality.

Will OYO be third time lucky?

Will OYO parent Oravel Stays Ltd be third-time lucky in its bid to go public? The SoftBank-backed budget hotel unicorn was eyeing a market debut by October 2025, but reports suggest the listing plan has now been delayed. This was attributed to market volatility in the wake of tariff policies initiated by the U.S. President Donald Trump-led administration.

Founded in 2012, OYO first attempted to go public in 2021, targeting a valuation of up to $12 billion. However, the plan was shelved due to the pandemic's impact.

In March 2023, the company made a second attempt, filing its IPO papers confidentially with Sebi. Despite this, the listing was later postponed until May, and has since been delayed further.