OYO’s parent files confidential IPO papers with SEBI: Sources

PRISM, the parent of OYO, has confidentially filed draft IPO papers with SEBI, sources told CNBC-TV18. The company had received shareholder approval to raise up to ₹6,650 crore through a fresh issue of equity shares, subject to regulatory clearances and market conditions. The IPO is expected to value PRISM at $7–8 billion, people familiar with the matter said.

The approval was granted at an Extraordinary General Meeting on December 20, 2025. PRISM has opted for SEBI’s confidential pre-filing route, allowing the company to engage with the regulator while keeping offer documents non-public.

According to sources, ICICI Securities, Axis Capital, Goldman Sachs, and Citibank are among the book running lead managers for the issue, with more banks recently added to the syndicate.

PRISM had earlier filed for an IPO in 2021 but withdrew the plan amid global market volatility following the Russia-Ukraine conflict.

Since then, the company has expanded domestically and overseas, sharpened its premium portfolio through brands such as SUNDAY Hotels and Palette, and acquired US-based G6 Hospitality, the operator of Motel 6 and Studio 6.

PRISM reported a strong start to FY26, posting Q1 net profit of over ₹200 crore. Revenue rose 47% year-on-year to ₹2,019 crore, while gross booking value jumped 144% to ₹7,227 crore.

Ahead of the IPO, the company announced a 1:1 bonus issue in September 2025, followed by a 1:19 bonus issue in December.

Recently, Moody’s reaffirmed PRISM’s B2 corporate family rating with a stable outlook. The ratings agency expects EBITDA to more than double to around $280 million in FY26, driven by earnings from the G6 Hospitality acquisition, premium expansion, and cost optimisation.

The confidential filing route has gained traction among new-age companies as it offers flexibility on timing and limits market scrutiny during the regulatory review. Companies such as Meesho, Swiggy and Tata Play have used or explored this route.

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