Summary of this article
OYO parent Prism filed updated IPO papers to raise Rs 6,650 crore through a fresh issue
Nearly Rs 5,000 crore from the IPO will be used to repay existing debt
Overseas markets now contribute 84 per cent of revenue, led by the US and Europe
OYO IPO: OYO’s parent Prism Hotels and Resorts has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India (Sebi) for a Rs 6,650 crore initial public offering (IPO). The issue will comprise entirely of a fresh issue of equity shares, with no offer-for-sale (OFS) component.
The updated filing comes weeks after Sebi approved the company's confidential draft IPO papers, which were submitted in December 2025.
Since there is no OFS, the entire proceeds from the public issue will go to the company. According to the reports, Prism plans to use around Rs 4,987.50 crore from the net proceeds to repay or prepay its borrowings, while the remaining amount will be deployed for general corporate purposes.
The company has also kept the option open to raise up to Rs 1,330 crore through a pre-IPO placement before filing the Red Herring Prospectus (RHP). If such a placement takes place, the size of the fresh issue will be reduced by the amount raised.
OYO IPO: Revenue Crosses Full-Year FY25 In Just Nine Months
Prism reported revenue from operations of Rs 6,941 crore during the nine months ended December 31, 2025, already surpassing its full-year FY25 revenue of Rs 6,259 crore. Net profit for the period stood at Rs 748 crore, significantly higher than the Rs 245 crore profit reported for the entire previous financial year.
The company currently operates 43 hospitality brands across more than 35 countries. As of December 31, 2025, its network included 24,303 hotels, 124,668 homes and 144,583 listings, including 14,937 storefronts in India.
Since its launch in 2012, Prism said it has served more than 119 million unique customers, with nearly 68 per cent of bookings coming directly through its own channels.
OYO IPO: Overseas Business Drives Growth
The company's revenue mix has shifted sharply towards international markets. About 84 per cent of revenue from operations now comes from outside India.
The United States accounted for around 27 per cent of revenue during the first nine months of FY26, while Europe contributed another 24 per cent. The acquisition of G6 Hospitality, which owns the Motel 6 and Studio 6 brands across the US and Canada, has emerged as a key contributor to the company's expansion.
Within India, Prism has continued to scale its company-serviced hotel business. The number of company-operated hotel storefronts increased to 1,573 by the end of December 2025 from 1,053 at the end of March 2025. During the first nine months of FY26, this business generated a gross booking value (GBV) of Rs 1,346.45 crore, compared with Rs 818.23 crore in FY25.
Meanwhile, the US business recorded a GBV of Rs 12,022.51 crore during the first nine months of FY26, sharply higher than Rs 4,712.83 crore in the previous financial year.
Prism has also expanded its global footprint through subsidiaries across Europe, North America, Southeast Asia and the Middle East, including brands such as Belvilla, DanCenter, Direct Booker and G6 Hospitality.
OYO IPO: Third Attempt At Going Public
This is Prism's third attempt to enter the public markets.
The company had first unveiled IPO plans in 2021, aiming to raise around Rs 8,430 crore at a valuation of nearly $12 billion. Those plans did not materialise amid regulatory scrutiny and changing market conditions.
A second attempt followed in 2023 through Sebi's confidential filing route, but the proposal was eventually withdrawn in 2024 as weak market sentiment prompted the company to postpone its listing ambitions.
Ahead of its latest filing, Prism secured shareholder approval on December 20, authorising the company to proceed with raising funds through an IPO. Market reports suggest the company is now targeting a valuation of around $7-8 billion, lower than what it had sought during its first listing attempt, as it returns to the market after improving profitability and expanding its global business.
Ahead of the IPO, Prism has also strengthened its governance framework. The company now has a seven-member board with four independent directors, while its FY25 financial statements received a clean audit opinion with no qualifications or adverse remarks from statutory auditors.
