OYO’s parent company PRISM is back on the IPO track. The global travel technology firm has quietly filed draft papers with the market regulator to raise up to Rs 6,650 crore, marking its second attempt to tap public markets after shelving plans earlier due to global uncertainty.
Confidential filing with SEBI
People familiar with the development told Moneycontrol that PRISM has submitted its draft red herring prospectus (DRHP) through Securities and Exchange Board of India’s confidential pre-filing route. The proposed IPO will be an all-fresh issue of equity shares, with no offer-for-sale component.
Sources said the issue could value the company between $7 billion and $8 billion, positioning it among India’s most closely watched new-age listings.
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Shareholder approval already in place
The IPO move follows shareholder approval received at an extraordinary general meeting held on December 20, 2025. The nod allows PRISM to raise capital, subject to regulatory clearances and market conditions.
Initially, the company had roped in ICICI Securities, Axis Capital, Goldman Sachs and Citibank as book-running lead managers. Since then, the syndicate has reportedly been expanded to include additional investment banks.
PRISM did not respond to queries at the time of filing.
Second IPO attempt after 2021 withdrawal
This is not PRISM’s first brush with the public markets. The company had filed IPO papers in 2021 but later withdrew them as global equity markets turned volatile following the Russia–Ukraine conflict and rising inflation fears.
Since then, PRISM — best known as the parent of OYO — has reworked its strategy, focusing on profitability, premium offerings and international expansion.
Premium push and global expansion
In recent years, the company has expanded its higher-end hotel portfolio through brands like SUNDAY Hotels and Palette. It has also strengthened its overseas presence with the acquisition of G6 Hospitality, the operator of Motel 6 and Studio 6 in the US.
These moves signal a clear shift from scale-at-any-cost to value-driven growth, a change investors have been keenly watching.
Strong financial start to FY26
PRISM’s latest financial disclosures suggest the turnaround narrative is gaining traction. For the June quarter of FY26, the company reported:
- Net profit of over Rs 200 crore
- Revenue of Rs 2,019 crore, up 47% year-on-year
- Gross booking value (GBV) of Rs 7,227 crore, a sharp 144% YoY jump
The numbers reflect stronger demand, better margins and improved operational efficiency.
Why the confidential route matters
SEBI’s confidential filing mechanism allows companies to engage with the regulator without immediately making their offer documents public. It offers flexibility on timing and shields issuers from early market scrutiny during the review process.
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The route has become increasingly popular among new-age firms. Companies such as Meesho, Swiggy and Tata Play have either used or explored this option in recent years.
For PRISM, the confidential filing suggests cautious optimism — a way to test investor appetite while keeping its options open in a still-evolving market environment.
