India, Sept. 14 -- IPO-bound hospitality giant OYO has converted into a public company. As per the regulatory filings accessed by Inc42, OYO's parent company - Oravel Stays Private Limited has now converted into Oravel Stays Limited.Conversion of a private limited company to a public company is a mandatory requirement for a startup that wants to go public.

The development comes days after OYO increased its authorised capital share capital from existing INR 1.17 Cr to INR 901 Cr. A company ideally increases its share capital when it is planning to raise further capital.

As per reports, OYO is looking to raise over $1 Bn through the public market at a valuation of $14 Bn to $16 Bn. OYO has already shortlisted investment banks such as Kota...