OYO Parent Prism’s Draft IPO Is Finally Here

Prism, the parent company of hospitality platform OYO, filed draft initial public offering (IPO) papers with the Securities and Exchange Board of India (SEBI) on December 31, 2025. The company is seeking to raise up to INR 66.5 billion ($750 million) through a fresh issue of equity shares.

The proposed listing targets a valuation in the range of $7 billion to $8 billion, following shareholder approval received earlier in December at an Extraordinary General Meeting (EGM).

Regulatory process and bankers

The filing was made under India’s pre-filing route, which allows companies to receive regulatory feedback from SEBI before publishing a public Draft Red Herring Prospectus (DRHP). This approach is often used by large issuers to refine disclosures and reduce execution risk ahead of a formal launch.

Prism has expanded its syndicate of bookrunners to include ICICI Securities, Axis Capital, Goldman Sachs, Citibank, and additional advisors. The current valuation target represents a reset compared with earlier ambitions, reflecting more conservative market expectations.

Previous IPO attempts

In 2021, the company filed draft IPO documents to raise more than $1 billion, at a valuation of between $10 billion and $12 billion. That plan was shelved as pandemic-related losses weighed on performance, and market conditions deteriorated.

A second effort in 2023, submitted through a confidential filing, was later withdrawn after key investor SoftBank cut its internal valuation of OYO amid broader global economic uncertainty and tighter capital markets.

Market significance

Prism’s IPO is expected to rank among the largest travel-sector listings in India in recent years. A public debut could help revive investor interest in technology-led hospitality platforms, especially as travel demand continues to recover.

Photo by Alok Sharma on Unsplash