IPO-bound OYO gets 20% valuation cut from SoftBank

SoftBank Group Corp. has slashed the valuation of OYO Hotels on its books by more than 20% as once high-flying Indian startup prepares for an initial public offering.

The Japanese investor cut its estimated value for OYO to $2.7 billion in the June quarter from an earlier $3.4 billion after benchmarking it against peers with similar operations.