Prism, the hospitality technology company and parent of OYO, has filed updated draft papers with market regulator Sebi for a proposed initial public offering (IPO) worth ₹6,650 crore.
The offering will be entirely a fresh issue of equity shares, with no offer-for-sale (OFS) component, meaning existing shareholders will not dilute their stakes.
Key investors such as SoftBank’s SVF India Holdings, founder Ritesh Agarwal, RA Hospitality Holdings, Microsoft, Airbnb, Khazanah, Lightspeed, Greenoaks Capital, and Peak XV Partners will retain their holdings and will not participate in any share sale during the IPO.
According to the Updated Draft Red Herring Prospectus (UDRHP) filed on Tuesday, the company may also raise up to ₹1,330 crore through a pre-IPO placement.
If this is completed, the size of the fresh issue will be reduced accordingly.
Prism plans to utilise the majority of IPO proceeds for financial strengthening. Around ₹4,987.5 crore will be used for repayment or prepayment of existing borrowings, while the remaining funds will be allocated for general corporate purposes.
The filing follows a confidential pre-filing submitted in December 2025, which allowed Prism to keep key details of the IPO, including issue size and structure, private until a later stage of the process.
Financially, the company has reported a significant improvement in performance.
Revenue from operations stood at ₹6,941 crore for the nine months ended December 31, 2025, surpassing its full-year FY25 revenue of ₹6,259 crore.
Profit after tax (PAT) also rose sharply to ₹748 crore in 9MFY26, compared to ₹245 crore in FY25.
Prism, formerly known as Oravel Stays, was rebranded in September 2025. The company currently operates 43 brands across more than 35 countries, with a portfolio of 24,303 hotels, 124,668 homes, and 144,583 listings, including 14,937 storefronts in India.
Its India hotel business has shown strong expansion, with storefronts increasing to 1,573 by December 2025 from 1,053 in March 2025. Gross Booking Value (GBV) from this segment reached ₹1,346.45 crore during 9MFY26.
The company’s US operations, boosted by the acquisition of G6 Hospitality (Motel 6 and Studio 6), have become a major growth driver.
US GBV surged to ₹12,022.51 crore in 9MFY26 from ₹4,712.83 crore in FY25, contributing over 52% of global GBV.
