Shardul Amarchand Mangaldas & Co and S&R Associates have been engaged as OYO IPO legal advisors on Oravel Stays Limited’s proposed ₹6,650 crore initial public offering — the hospitality group’s third attempt to access the public markets. PRISM Hotels and Resorts (formerly Oravel Stays) has filed its Updated Draft Red Herring Prospectus with SEBI for a public issue comprising a fresh issue of equity shares worth up to ₹6,650 crore, with no offer-for-sale component.
Introduction
The company, formerly known as Oravel Stays, changed its corporate name to Prism last September to better reflect its expanding global hospitality and co-working business. The updated draft red herring prospectus identifies Oravel Stays Limited as the issuer entity for the proposed IPO. The book-running lead managers to the issue are Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, InCred Capital Wealth Portfolio Managers, Intensive Fiscal Services, JM Financial, and SBI Capital Markets.
The proposed IPO comprises a fresh issue of shares worth up to ₹6,650 crore with no offer for sale by existing shareholders, meaning SoftBank’s SVF India Holdings, founder Ritesh Agarwal and RA Hospitality Holdings, Microsoft, Airbnb, Khazanah, and Peak XV are not selling shares through the proposed public issue. According to the updated draft prospectus, the company plans to utilise ₹4,987.5 crore from the IPO proceeds to repay or prepay outstanding borrowings, while the remaining funds will be used for general corporate purposes.
The shares are proposed to be listed on the BSE and NSE. Further details on the price band and timeline were not disclosed in the updated filing.
Deal Value
The proposed IPO is structured as a fresh issue of equity shares aggregating up to ₹6,650 crore. As per the Updated Draft Red Herring Prospectus-I (UDRHP-I) filed on Tuesday, the company may also consider a pre-IPO placement worth up to ₹1,330 crore ahead of filing the red herring prospectus. If completed, the fresh issue size would be reduced accordingly.
Legal Teams Involved
Counsel to Oravel Stays Limited (Issuer) — Shardul Amarchand Mangaldas & Co
Shardul Amarchand Mangaldas & Co acted as legal counsel to the company as to Indian law. The team comprised:
- Prashant Gupta — Partner and National Practice Head
- Devi Prasad Patel — Partner
- Kamiya Marwah — Senior Associate
- Rishika Kharbanda — Senior Associate
- Aishwariya Chaturvedi — Associate
- Rudraksh Karnik — Associate
Counsel to the Bankers — S&R Associates
S&R Associates advised the bankers as Indian legal counsel. The team comprised:
- Juhi Singh — Partner
- Shiv Bhargava — Partner
In-House Legal
The in-house legal function at Oravel Stays is led by Rakesh Kumar Prusti, General Counsel of the company.
Significance and Impact
This filing represents OYO’s third attempt to list on Indian public markets, making it one of the most closely watched IPO sagas in the Indian new-age technology sector. The company had first unveiled IPO plans in 2021, aiming to raise around ₹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.
Unlike several recent technology IPOs, the public issue is structured entirely as a fresh issue, allowing all proceeds to flow into the company instead of providing exits to existing investors. This structure, with no OFS component, signals that no existing investor is seeking a liquidity exit at the current stage — a notable departure from the 2021 filing, which had included an offer-for-sale tranche.
The company had earlier filed its draft IPO papers through SEBI’s confidential pre-filing route in December 2025 and recently received the regulator’s approval to launch its maiden public offering. The engagement of two of India’s most prominent capital markets practices — Shardul Amarchand Mangaldas & Co on the issuer side and S&R Associates on the bankers’ side — reflects the scale and complexity of the transaction. For deal flow context, visit the Deal Meter.
The updated DRHP filing by Oravel Stays Limited marks a significant milestone in OYO’s long-delayed public markets journey. With Shardul Amarchand Mangaldas & Co advising the issuer and S&R Associates acting for the bankers, the legal framework for India’s most anticipated hospitality-tech IPO is now firmly in place. The proposed ₹6,650 crore issue, structured entirely as a fresh issue with a primary focus on debt reduction, will be watched closely by investors and market participants as the company moves toward listing on the BSE and NSE.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
