Indian budget hotel aggregator Oyo is postponing its third IPO attempt after opposition from SoftBank and market volatility this year, Bloomberg reported on Friday, citing people aware of the matter.

SoftBank has reportedly opposed the proposed timing of Oyo’s IPO, urging the company to postpone the listing until its financial performance improves, according to people familiar with the matter who requested anonymity due to the sensitive nature of the information.

This marks Oyo’s third attempt to go public since 2021, but the company now faces a challenging market environment, partly due to reduced risk appetite linked to former U.S. President Donald Trump’s tariff policies. SoftBank’s Vision Fund remains Oyo’s largest investor, holding a stake larger than that of founder Ritesh Agarwal, who owns over 30%.

Without SoftBank’s support and a commitment not to offload shares during the IPO, the listing would likely struggle to secure board approval and attract investor interest. Oyo is now considering a public debut as early as March, with a potential valuation of over $7 billion, one of the sources said.