Shareholders Approve OYO Parent Prism's $744M IPO

Prism, the holding company behind India-based travel and hospitality platform OYO, has received shareholder approval to move forward with a major initial public offering.

The proposed IPO would raise up to INR 6,650 crore ($742 million) through a fresh issue of equity shares, marking a renewed push to list the company on public markets.

Approval details

The approval was granted at an Extraordinary General Meeting, where an overwhelming majority of shareholders voted in favor of the resolutions required to enable the IPO.

Shareholders also approved a bonus share issue, under which investors will receive one additional equity share for every 19 shares held.

In addition, Prism received approval to increase its authorized share capital, a necessary step to prepare the company’s equity structure for a public listing.

Although no exact IPO timeline has been announced, this shareholder clearance allows Prism to proceed once market conditions are favorable and regulatory approvals are secured.

Previous IPO attempts

This marks Prism’s third attempt to go public.

In 2021, the company filed draft IPO documents seeking to raise INR 8,430 crore (over $1 billion) at a valuation of $10 billion to $12 billion, but the plan was shelved due to pandemic-related losses and unstable market conditions.

A second attempt in 2023, made through a confidential filing, was later withdrawn after key investor SoftBank reduced its internal valuation of OYO, reflecting broader global economic uncertainty.

Next moves and market impact

The current IPO effort is expected to target a more conservative valuation in the $7–8 billion range, aligning with Prism’s revised growth strategy and investor sentiment. The bonus share issue and capital increase are designed to improve liquidity and simplify the company’s share structure ahead of listing.

If successful, the IPO would rank among the largest travel-sector listings in India in recent years and could boost investor interest in technology-driven hospitality platforms.

Photo by Viktor Forgacs on Unsplash