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PRISM filed draft IPO documents confidentially with SEBI to raise funds for Oyo.
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Shareholders approved raising up to Rs 6,650 crore via equity shares recently.
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IPO expected to value PRISM between $7 billion and $8 billion, sources said.
PRISM, the parent of Gurugram-based hospitality tech platform Oyo, has filed draft offer documents confidentially with market regulator SEBI to raise funds via an initial public offering, sources told NDTV Profit on Wednesday.
This comes days after shareholders approved plans to raise up to Rs 6,650 crore through a fresh issue of equity shares, subject to regulatory approvals and market conditions, at an Extraordinary General Meeting.
The proposed public offering is expected to value the company in the range of $7–8 billion, according to people familiar with the matter.
The company had initially appointed ICICI Securities, Axis Capital, Goldman Sachs and Citibank as the book running lead managers to the proposed IPO but has since added more banks to the syndicate.
PRISM had first initiated the IPO process in 2021 and filed offer documents with SEBI, followed by a subsequent filing incorporating updated financial and operational disclosures. The company later withdrew its IPO plans amid heightened global market volatility and a weakening macroeconomic environment following the Russia–Ukraine conflict, which weighed on investor sentiment at the time.
Since then, the company has expanded aggressively in India and abroad, while also sharpening its premium portfolio through brands such as SUNDAY Hotels, Palette and more. It has strengthened its international presence and acquired US-based G6 Hospitality the economy lodging franchisor, operator of Motel 6 and Studio 6.
In the run-up to the current IPO, Oyo has given a 1:1 bonus issue in September 2025, issuing one additional equity share for every share held. It also gave an additional bonus 1:19 issue in the current month / December issuing one equity shares for every 19 held.
Moody’s recently reaffirmed PRISM’s B2 corporate family rating with a stable outlook. The ratings agency expects the company’s EBITDA to more than double to approximately $280 million (around Rs 2,496 crore) in FY26, supported by earnings from the G6 Hospitality acquisition, expansion of premium storefronts, and continued cost optimisation.
SEBI’s confidential pre-filing mechanism allows issuers to engage with the regulator and refine disclosures before making offer documents public. The route provides companies flexibility on timing, reduces market scrutiny during the regulatory review process, and enables issuers to test investor appetite before launching the IPO. The confidential filing route has gained traction among new-age companies such as Meesho, Swiggy, Tata Play have used or explored SEBI’s confidential pre-filing route.
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