Oyo parent Prism files for ₹6,650 crore IPO via confidential route

Oyo's parent Prism has filed confidential draft IPO papers with Sebi to raise up to Rs 6,650 crore, reviving listing plans shelved earlier amid global market volatility

Oyo’s parent firm Prism has filed confidential draft red herring prospectus (DRHP) papers with the markets regulator to raise up to ₹6,650 crore through an initial public offering (IPO),whichwould be the third attempt by the global travel technology company at public listing.  The company had received the consent to raise up to ₹6,650 crore through a fresh issue of equity shares from shareholders at its Extraordinary General Meeting (EGM) held on December 20, 2025.  The proposed public offering is expected to value the company in the range of $7 billion-$8 billion,accordingto people familiar with the matter. The company had initially appointed ICICI Securities, Axis Capital, Goldman Sachs and Citibank as the book running lead managers to the proposed IPO but has since added more banks to the syndicate.  Prism had first initiated the IPO process in 2021 and filed offer documents with the Securities and Exchange Board of India (Sebi), followed by a subsequent filing incorporating updated financial and operational disclosures.  The company later withdrew its IPO plans amid heightened global market volatility and a weakening macroeconomic environment following the Russia- Ukraine conflict, which weighed on investor sentiment at the time.  Since then, the company has expanded aggressively in India and abroad, while also sharpening its premium portfolio through brands such as SUNDAY Hotels, Palette and more. It has focused on its international presence and acquired US-based G6 Hospitality, the economy lodging franchisor, operator of Motel 6 and Studio 6.  The company indicated a strong start to the financial year 2026 (FY26) with Q1FY26 net profit of over ₹200 crore, revenue of ₹2,019 crore, a growth of 47 per cent on year and GBV of ₹7,227 crore.  In the run-up to the current IPO, Oyo has given a 1:1 bonus issue in September 2025, issuing one additional equity share for every share held. It also gave an additional bonus 1:19 issue in December issuing one equity shares for every nineteen held. Moody’s recently reaffirmed Prism’s B2 corporate family rating with a stable outlook.  The ratings agency expects the company’s Ebitda to more than double to approximately $280 million (around ₹2,496 crore) in FY26, supported by earnings from the G6 Hospitality acquisition, expansion of premium storefronts, and continued cost optimisation. Sebi’s confidential pre-filing mechanism allows issuers to engage with the regulator and refine disclosures before making offer documents public.  The route provides companies flexibility on timing, reduces market scrutiny during the regulatory review process, and enables issuers to test investor appetite before launching the IPO. New-age firms such as Meesho, Swiggy, and Tata Play had also opted for the route to list.