OYO parent PRISM files confidential IPO papers, eyes $7–8 billion valuation

PRISM, the parent company of OYO Hotels, has submitted a confidential draft red herring prospectus to SEBI, marking a renewed bid to list after earlier delays. The confidential route allows iterative engagement with the regulator while keeping sensitive details non-public until near launch. 

 

The proposed offering comprises a fresh issue of up to ₹6,650 crore, with valuation expectations in the $7–8 billion range. Shareholder approval was granted at an extraordinary general meeting on December 20, 2025, signaling alignment on capital needs and growth priorities. Lead managers reportedly include ICICI Securities, Axis Capital, Goldman Sachs, and Citibank. 

 

This is PRISM’s third attempt at going public since first initiating the process in 2021, with updated disclosures in subsequent filings. The company’s pivot reflects stabilizing markets and a push to strengthen its balance sheet and expansion roadmap. 

 

Notable updates and major takeaways

Confidential filing with SEBI: PRISM advances IPO via pre-filing mechanism. 

 

Issue size: Fresh equity raise up to ₹6,650 crore. 

 

Valuation target: Aims for $7–8 billion. 

 

Shareholder nod: EGM approval on December 20, 2025. 

 

Bookrunners: ICICI Securities, Axis Capital, Goldman Sachs, Citibank. 

 

Conclusion

PRISM’s confidential IPO filing positions OYO’s parent to capitalize on improved sentiment and governance flexibility, with proceeds likely earmarked for growth, deleveraging, and operational resilience. Market reception will hinge on updated financials and unit economics as the process moves toward a public draft.

 

Sources: Fortune India, SkiftSkift, CNBC-TV18, Business Standard