OYO parent PRISM receives SEBI approval for IPO
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PRISM, the parent company of hospitality technology firm OYO, has secured SEBI approval for its proposed initial public offering, according to sources familiar with the matter. The company had confidentially filed its draft red herring prospectus (DRHP) with the market regulator in December 2025, following shareholder consent obtained at an extraordinary general meeting on December 20, 2025, where investors authorized raising up to ₹6,650 crore through a fresh equity issue. Insiders indicate that the offering could value the firm between $7 billion and $8 billion.
PRISM has appointed Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital, and Intensive Fiscal Services as book‑running lead managers for the issue. After the approval, the company expects to file an Updated Draft Red Herring Prospectus (UDRHP‑1), which will be open for public comment for 21 days. PRISM said it is assessing market conditions and listing timelines before moving to the next stage.
The development coincides with PRISM’s expansion across India, the United States, and Europe. Over the past year the company has increased its focus on self‑operated hotels and premium hospitality brands such as Sunday Hotels and Pallette Hotels. It has also entered India’s vacation‑rental segment through DanCenter and grown its presence in religious destinations.
Last month PRISM named former SEBI chairman Ajay Tyagi as an independent director. In November 2025, Moody’s Ratings reaffirmed PRISM’s B2 corporate family rating with a stable outlook, projecting FY26 EBITDA of roughly $280 million (approximately ₹2,496 crore), driven by the G6 Hospitality acquisition, the rollout of premium storefronts, and operational efficiencies.
PRISM first attempted a public listing in 2021 but shelved the plan amid shifting market conditions. The confidential filing made in December 2025 represents the company’s latest effort to tap the public markets.
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