Oyo Hotels is shelving plans for an initial public offering (IPO) in 2022 after a market downturn that would hurt its valuation, according to a Bloomberg report. If the company picks up the process again by year end, the earliest possibility for an IPO would be in 2023, they said.

The Gurgaon-headquartered company, which filed preliminary IPO documents last year, is seeking regulatory permission to update its draft prospectus with fresh financial information after the close of the September quarter, said the people. Its bankers, led by Kotak Investment Banking, have filed the request with the Securities and Exchange Board of India.

The decision could make Oyo’s IPO a high-profile casualty from a global downturn in the technology industry. With inflation fears rising, lingering Covid-19 infections and the war in Ukraine, investors have roiled markets and pulled back from risky investments. The tech-heavy Nasdaq index has tumbled 26% this year.