Prism, the parent company of budget hospitality chain OYO, has reportedly filed confidential draft red herring prospectus (DRHP) papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of up to Rs 6,650 crore.
The proposed IPO will reportedly comprise entirely of fresh equity shares and is expected to value the company in the range of $7–8 billion. If successful, this would mark one of the larger listings by an Indian startup in recent times.
The filing follows Prism’s extraordinary general meeting (EGM) on December 20, 2025, where shareholders approved the capital raise.
The company had initially appointed ICICI Securities, Axis Capital, Goldman Sachs and Citibank as book-running lead managers for the IPO, and has since expanded its syndicate.
Strategic Timing
This marks the firm’s second listing attempt. The company had first initiated the IPO process in 2021 but shelved those plans as global equity markets turned volatile.
The filing comes on the back of a strong financial turnaround. Prism reported its first full year of net profitability in FY24, posting a profit after tax (PAT) of approximately Rs 229 crore, a sharp recovery from previous losses. The platform reported a 54% increase in Gross Booking Value (GBV) to Rs 16,436 crore, while revenue grew 20% year-on-year to Rs 6,463 crore in FY25. The company’s PAT surged 172% to Rs 623 crore, during the fiscal.
From Budget to Premium
The company has strategically expanded its premium offerings with the launch of over 30 Sunday Hotels in the last 12 months across India, Saudi Arabia, UAE, and Southeast Asia.
The company was last valued qt a post-money valuation of $4.22 billion when it raised $58.9 million from Red Spring Innovation Partner in December 2024 as part of an extended Series G round, according to Tracxn. SoftBank is the largest shareholder with a 40.3% stake, followed by RA Hospitality at 19.3%. The ESOP pool accounts for 11.9%, while founder Ritesh Agarwal holds 6.1%.