Respectfully, I think you are mixing apples with oranges. There is a huge difference between an IPO and a merger (or acquisition). Nobody is claiming that an IPO is going to transpire. I'm actually glad that it's not an IPO.
With the IPO route, it’s really only helping the rich to get richer as people that invests from a lower-class portfolio would not be able and less likely to purchase shares trading at $5, $10, $20, etc. or so. Doing it like this, merging into ADSV, I think would bring good karma to the company for the wealth they would have created for a new family of investors versus doing an IPO to where small investors would be locked into the Laws of Diminishing Returns from a major market standpoint. With the IPO route, the stock would soon become fairly oversaturated to where its growth would almost seem stagnant.
In short for thought, just think about them merging into ADSV and the amount of shares one could buy under .01, .10, .50, or even $1.00+ if things materialize to be positioned for wealth versus the very few amount of shares one would be able to buy with it already opening up as an IPO already trading well into the dollars. It doesn’t matter how Oyo enters the public market, it will eventually trade at the value delivered to the public with its financials. Again, I think they are looking to merge a portion of Oyo into ADSV and not the entire company.
Review the link below and you will see good reasons for why a merger is consider better than taking the IPO route: