Zostel Hospitality, parent of Zostel Hostels and Zo Rooms, has written to markets regulator Sebi, urging it to suspend Oyo’s $1.2-billion proposed IPO and reject the draft prospectus filed by it. Zostel said Oyo’s IPO is non-maintainable as its parent’s Oravel’s capital structure is not final.An Oyo spokesperson said, “After multiple attempts in the courts and arbitration tribunal, Zostel’s communication shows unnecessary and repetitive efforts to create a wrong perception. The repeated reliefs being sought are not consistent with an award by the arbitration tribunal from March 2021, which has not granted any award for issue of any shareholding in Oyo to Zostel.”