Global travel technology firm PRISM, the parent company of hospitality major OYO, has taken a fresh step towards the public markets by filing confidential draft red herring prospectus (DRHP) papers with the Securities and Exchange Board of India (SEBI). The company is looking to raise up to ₹6,650 crore through an initial public offering (IPO), according to people familiar with the matter.
The proposed public issue will consist entirely of a fresh issue of equity shares and is expected to value PRISM in the range of $7–8 billion, marking a significant milestone for one of India’s most closely watched new-age companies.
Credits: The Financial Express
Second IPO Attempt After 2021 Setback
This filing marks PRISM’s second attempt at going public, nearly four years after its initial IPO plans were shelved. In 2021, the company had submitted offer documents to SEBI and later updated its filings with revised financial and operational disclosures. However, those plans were ultimately withdrawn as global equity markets turned volatile following the Russia–Ukraine conflict, dampening investor appetite for tech and internet-led companies.
Since then, PRISM has spent time recalibrating its strategy, improving profitability, and strengthening its balance sheet—factors that are now expected to play a central role in its renewed IPO push.
Shareholder Approval and Expanded Banker Syndicate
The IPO move follows shareholder approval at an extraordinary general meeting (EGM) held on December 20, 2025, where PRISM received consent to raise capital, subject to regulatory clearances and prevailing market conditions.
Initially, the company had appointed ICICI Securities, Axis Capital, Goldman Sachs, and Citibank as book-running lead managers for the offering. However, sources indicate that PRISM has since expanded the syndicate, adding more investment banks as it prepares for what could be one of the largest tech IPOs in recent years.
PRISM did not immediately respond to queries regarding the filing.
Strategic Shift Towards Premium and Global Expansion
Since its last IPO attempt, PRISM has undergone a strategic transformation, focusing on higher-margin and premium offerings while continuing to scale internationally.
The company has expanded its premium hotel portfolio through brands such as SUNDAY Hotels and Palette, moving beyond its early budget-hotel-heavy image. At the same time, PRISM has strengthened its overseas presence, most notably through the acquisition of US-based G6 Hospitality, the economy lodging franchisor behind Motel 6 and Studio 6.
This acquisition significantly bolstered PRISM’s footprint in North America and provided access to a large, stable franchise-led business, helping diversify revenues across geographies.
Strong Start to FY26 Bolsters IPO Narrative
PRISM’s recent financial performance is expected to be a key pillar of its IPO pitch. In its latest disclosures, the company reported a strong start to FY26, underscoring improved execution and operating leverage.
For the June quarter (Q1 FY26), PRISM posted a net profit of over ₹200 crore, marking a sharp turnaround from earlier years. Revenue for the quarter stood at ₹2,019 crore, reflecting a 47 percent year-on-year growth, while gross booking value (GBV) surged to ₹7,227 crore, up an impressive 144 percent year-on-year.
The numbers suggest robust demand recovery, higher contribution from premium stays, and improving unit economics across markets.
Why the Confidential Route Matters
PRISM has opted for SEBI’s confidential pre-filing route, a mechanism that allows companies to engage with the regulator and fine-tune disclosures before making offer documents public. The route provides greater flexibility on listing timelines and shields issuers from early public scrutiny during the review process.
In recent years, the confidential route has gained popularity among new-age firms, with companies such as Meesho, Swiggy, and Tata Play either using or exploring this option.
Credits: Moneycontrol
Market Watch: A Closely Tracked Listing Ahead
If successful, PRISM’s IPO could mark one of the most high-profile tech listings in India’s capital markets since the post-pandemic boom. With improved profitability, global scale, and a clearer strategic focus, the company appears better positioned than during its earlier attempt.
All eyes will now be on SEBI’s review process and broader market conditions as PRISM charts its path back to Dalal Street.
