The PRISM OYO parent IPO moved a decisive step forward on 30 June 2026, as PRISM — the Gurugram-headquartered hospitality technology company and parent of OYO — filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for a ₹6,650 crore public issue, as publicly reported on 2026-06-30. The proposed IPO comprises a fresh issue of shares worth ₹6,650 crore, with no offer-for-sale (OFS) by existing shareholders. The updated filing comes weeks after SEBI approved the company’s confidential draft IPO papers, which were submitted in December 2025.
Quick Highlights
- Founder: Ritesh Agarwal
- Headquarters: Gurugram, Haryana
- Announcement Date: 30 June 2026
- Target Valuation: PRISM is targeting a valuation of $7 to $8 billion.
- Existing Investors (not diluting via IPO): SoftBank’s SVF India Holdings, Ritesh Agarwal, Microsoft, Airbnb, Lightspeed, Peak XV Partners, Khazanah Nasional, and Greenoaks Capital are not participating in the offer for sale and will continue to hold their respective stakes after the IPO.
Funding Breakdown
Use of Funds
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. Reducing debt is expected to strengthen PRISM’s financial position while providing greater flexibility for future growth and expansion. Additionally, the company may undertake a pre-IPO placement of up to ₹1,330 crore before filing the Red Herring Prospectus; if completed, the amount raised through the pre-IPO round will be deducted from the size of the fresh issue.
Funding Timeline
The company first attempted an IPO in 2021, targeting ₹8,430 crore at a reported valuation of up to $12 billion, but that listing did not materialise after SEBI returned its draft papers. A revised filing in 2023 was subsequently withdrawn in 2024 amid market uncertainty. The current process follows PRISM’s confidential DRHP filing with SEBI at the end of December 2025, which came days after shareholders approved the fundraise at an extraordinary general meeting held on December 20, 2025. PRISM has now filed the UDRHP on 30 June 2026, as publicly reported.
Expansion Plans
According to the filing, PRISM now operates 43 brands across more than 35 countries, giving it one of the largest hospitality technology networks globally. In India, OYO expanded its company-serviced hotel portfolio, increasing storefronts to 1,573 as of December 2025 from 1,053 in March 2025, with gross booking value from these hotels reaching ₹1,346 crore during the first nine months of FY26 — around 65% higher than the full FY25 level — and company-serviced hotels accounting for nearly half of India’s GBV during the period. Internationally, the US business recorded a GBV of ₹12,022 crore during the first nine months of FY26, compared with ₹4,713 crore in FY25, contributing more than 52% of PRISM’s global GBV, while in Europe the company’s homes and listings business expanded to 269,251 properties as of December 2025 from 208,901 at the end of FY25. Direct channels accounted for 67.6% of stays, backed by a combined loyalty base of 26.4 million members across OYO Wizard and My6.
Significance
Unlike several recent technology IPOs, PRISM’s 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 approach underscores a balance-sheet-first strategy at a pivotal juncture: for the nine months ended December 31, 2025, PRISM reported revenue from operations of ₹6,941 crore — already surpassing its full-year FY25 revenue of ₹6,259 crore — net profit of ₹748 crore, up over 205% from ₹245 crore in FY25, and EBITDA of ₹2,127 crore, up over 123% from ₹953 crore in FY25. 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. For India’s hospitality tech sector, a successful PRISM listing would mark a landmark validation of asset-light, technology-driven hotel aggregation at a global scale.
These details have been verified against multiple publicly available reports as of 2026-06-30.
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Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
