What began as a small Indian cheap hotel business has quietly evolved into a corporation that makes the majority of its revenue thousands of miles from home. OYO’s parent company, Prism Hotels and Resorts, reported in its most recent Updated Draft Red Herring Prospectus (UDRHP) filed with SEBI that India currently accounts for less than 12% of total income, a significant decline from around 30% just a few years ago. The United States has surpassed all other markets to become the company’s largest, thanks primarily to the $525 million acquisition of G6 Hospitality, the parent company of the Motel 6 and Studio 6 brands, which was finalized in December 2024.
During the first nine months of FY26, OYO’s US operations generated a Gross Booking Value (GBV) of Rs 12,022.5 crore, or 52.4% of the company’s global GBV. That is not a minor advantage; the US currently generates more pre-tax profit than the rest of Prism’s operations combined. Meanwhile, approximately 84% of OYO’s total revenue from operations now comes from outside India, with Europe accounting for another 24%, driven by vacation rental brands such as Belvilla, DanCenter, and CheckMyGuest, which it acquired through its 2019 acquisition of Amsterdam-based Leisure Group.
“#MarketAlert | OYO parent PRISM files DRHP for a ₹6,650 crore IPO, structured entirely as a fresh issue, with a majority of the proceeds earmarked for debt repayment #OYO #IPO #StockMarket”~ET NOW
Ritesh Agarwal’s Vision: Indian Companies as Global Brand Owners
Ritesh Agarwal, OYO’s founder and CEO, has been outspoken about this shift. Speaking at a fireside talk held by the Consulate General of India in New York, he stated that Indian companies are no more just software or Bollywood exporters; they are becoming true brand owners in the United States. He cited OYO’s acquisition of Motel 6 as a defining example, identifying the US housing issue as one area where extended-stay hotels may play an important role. Agarwal remarked that PRISM now makes the majority of its sales in the United States and stated, “I think India’s time is now,” framing the change as part of a larger surge in India’s worldwide economic influence.
The transformation is also visible in the numbers from India’s own hospitality ecosystem. While OYO’s domestic contribution has shrunk in percentage terms, the company has continued to scale its company-operated storefronts in India growing from 1,053 to 1,573 between March and December 2025. The India business generated a GBV of Rs 1,346.45 crore in the first nine months of FY26. Growth is happening, but the international expansion has simply outpaced it by a wide margin.
“Oyo parent Prism gets Sebi nod for Rs 6,650 crore IPO, targets up to $8 billion valuation”~IndiaToday
IPO Filing Reveals the Scale of OYO’s Global Shift:
Prism’s UDRHP-I, filed on June 30, 2026, offers the clearest picture yet of how dramatically the company has changed since its first IPO attempt in 2021, when it was still largely an India-focused business targeting a $12 billion valuation. That attempt was returned by SEBI with queries. A second filing in 2023 was eventually withdrawn in 2024 amid weak market conditions. This third attempt is structured very differently and the financials back it up. For the nine months ended December 2025, Prism reported revenue from operations of Rs 6,941 crore, already exceeding its full-year FY25 revenue. Profit after tax for the same period came in at Rs 748 crore, compared to Rs 245 crore for all of FY25. EBITDA stood at Rs 2,127 crore for 9MFY26 versus Rs 953 crore for the entire previous year. The company now operates 43 brands across more than 35 countries, with a network spanning 24,303 hotels, 124,668 homes, and 144,583 listings as of December 2025.
The proposed IPO comprises a fresh issue of shares worth up to Rs 6,650 crore with no offer for sale by existing shareholders meaning SoftBank, which holds roughly 40%, and Ritesh Agarwal himself are not selling. Around Rs 4,987.5 crore of the proceeds are earmarked for debt repayment, most of it tied to the G6 Hospitality acquisition financing.
“OYO parent PRISM has received SEBI approval for its proposed IPO & could seek a valuation of $7–8Bn. The company is expected to file its updated draft prospectus by first week of July. #OYO #IPO #PRISM”~CNBC-TV18
What the US-Led Revenue Mix Means for OYO’s IPO Story:
The listing is aiming for a valuation of $7-8 billion, a considerable drop from the $12 billion it sought in 2021 but a significant improvement from the $2.4 billion it was valued at in August 2024. For investors, the story is no longer limited to India’s affordable hospitality sector. It is now also about US extended-stay hotel economics, European vacation rental growth, and the integration risk of a large cross-border acquisition. The G6 Hospitality deal is both what makes this IPO respectable and challenging; with leadership turnover at G6, cost-cutting in the US, and backend operations centered in India, the integration is still a work in progress.
However, for a corporation that has spent years being written off, the figures in this filing represent a genuine turning point. OYO has now posted 12 straight profitable quarters. Its Indian roots remain, but its future is obviously being written in American motels and European vacation homes, as well as low-cost hotels in Gurugram and Bengaluru.
“OYO IPO! OYO’s parent company PRISM just got shareholders’ nod to raise up to ₹6,650 crore via fresh equity issue for its long-awaited public listing.”~Dr. Rakesh Bansal
