SoftBank Group Corp is looking to trim IPO-bound hotelier Oyo's valuation by about 20% to $2.7 billion, according to Bloomberg News.
SoftBank declined to comment, while Oyo said the news on the valuation cut was speculative and incorrect.
"We are confident that the above speculations about valuation markdown is patently incorrect ... we have not decided the exact timing for the IPO and the IPO valuation is also highly speculative," an OYO spokesperson said in a statement.