PRISM Receives Approval for IPO from SEBI

PRISM, the parent company of the hospitality technology firm OYO, has secured approval from the Securities and Exchange Board of India (SEBI) for its planned initial public offering (IPO), as reported by sources familiar with the situation. The company had submitted its draft red herring prospectus (DRHP) to the market regulator in December 2025, renewing its intentions for public listing.

This filing was preceded by shareholder approval that took place during an extraordinary general meeting on December 20, 2025. During this meeting, investors sanctioned the company’s proposal to raise up to Rs 6,650 crore through a new issue of equity shares. Sources suggest that the anticipated offering could value PRISM between $7 billion to $8 billion.

Investment Banking Team for the IPO

To facilitate this IPO process, PRISM has engaged several esteemed book-running lead managers including Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital, and Intensive Fiscal Services.

With this approval in hand, the company is expected to submit an Updated Draft Red Herring Prospectus (UDRHP-1), which will be available for public comment over a span of 21 days. Sources indicate that PRISM is currently assessing market trends and potential listing timelines prior to moving forward in the process.

Expansion and Growth Plans

This development occurs as PRISM seeks to broaden its footprint within India, the US, and Europe. Over the past year, the company has increasingly concentrated on self-operated hotels and premium hospitality brands such as Sunday Hotels and Pallette Hotels. Furthermore, PRISM has made strides into India’s vacation rental market through its acquisition of DanCenter and has extended its reach into religious destinations.

Leadership and Ratings Update

Last month, PRISM appointed former SEBI chairman Ajay Tyagi as an independent director to enhance its leadership team. Additionally, in November 2025, Moody’s Ratings reaffirmed PRISM’s B2 corporate family rating with a stable outlook. At that time, the ratings agency forecasted that the company’s EBITDA would approximate $280 million (around Rs 2,496 crore) in FY26, driven by anticipated contributions from the G6 Hospitality acquisition, the expansion of premium storefronts, and improvements in operational efficiencies.

PRISM initially attempted a public listing in 2021 but chose to postpone these efforts amid shifting market dynamics. The recent confidential filing made in December signifies the company’s latest attempt to engage with the public markets.