New Delhi: Prism, the parent company of hotel aggregator Oyo, has taken a major step toward going public. The company has filed draft papers with market regulator SEBI for a Rs 6,650 crore initial public offering. The filing has been made through the confidential route, according to people familiar with the matter.
This means the company can keep key details of the IPO private until later stages of the approval process.
Valuation and Shareholder Approval
Sources said the proposed IPO could value Prism between USD 7 billion and USD 8 billion. The plan follows shareholder approval granted on December 20, allowing the company to raise up to ₹6,650 crore through a fresh issue of shares.
The IPO is expected to be listed on the main board of Indian stock exchanges.
Why the Confidential Route Was Chosen
Under the confidential filing route, companies submit their draft prospectus privately to SEBI and exchanges. Details become public only closer to the launch. This route has become popular with new-age companies that want flexibility and protection from market volatility.
In recent years, companies such as Meesho, Tata Play, and Swiggy have used the same route for their IPO plans.
Targeting Market Debut in 2026
Prism is aiming for a stock market debut sometime in 2026. This comes after the company reported continued EBITDA profitability in 2025, which has improved investor confidence.
Oyo had earlier planned an IPO in 2021 to raise ₹8,430 crore but later withdrew the offer due to unstable global market conditions.
Strong Financial Performance
The company’s financial performance has strengthened in recent quarters. For the first quarter of FY26, Prism reported a profit after tax of over ₹200 crore. Revenue from operations rose 47 percent year-on-year to ₹7,227 crore.
Credit rating agency Moody’s recently reaffirmed Prism’s B2 rating with a stable outlook. It expects the company’s EBITDA to more than double to about USD 280 million in FY26.
Company Background
Oyo was founded in 2012 by Ritesh Agarwal, who currently serves as Prism’s Group CEO. SoftBank remains one of the company’s largest shareholders. Growth is being supported by new acquisitions, premium hotel expansion, and cost control measures.
