PRISM, the parent company of hotel and travel tech company Oyo, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed IPO. The company had filed a confidential draft red herring prospectus (Confidential DRHP) with SEBI as part of its listing plan at the end of December 2025.
Plan to raise Rs 6,650 crore
Earlier, in the extraordinary general meeting (EGM) held on 20 December 2025, the shareholders had given approval to the company to raise up to Rs 6,650 crore by issuing new equity shares. Through this IPO, the valuation of the company can be between 7 to 8 billion dollars.
Public draft will be filed soon
In the next phase of the IPO process, the company will publicly file the Updated Draft Red Herring Prospectus (UDRHP-1). This document will be available for public comments for 21 days. According to the information, the company is preparing to file UDRHP-1 by the beginning of July 2026. Currently, PRISM is assessing market conditions and the right timing of listing.
Many big investment banks became managers
The company has appointed Axis Capital, Citibank, Goldman Sachs, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital and Intensive Fiscal Services as book-running lead managers for the IPO.
Former SEBI chairman becomes independent director
Recently the company has included former SEBI Chairman Ajay Tyagi as an independent director on its board.
Moody’s expressed confidence
Global rating agency Moody’s has maintained PRISM’s B2 corporate family rating with a Stable Outlook. Moody’s estimates that the company’s EBITDA could more than double to around $280 million (about Rs 2,496 crore) in fiscal year 2026. The main reasons behind this are considered to be the income from the acquisition of G6 Hospitality, expansion of premium hotels and continuous reduction in costs.
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