PRISM, the parent company of hospitality technology firm OYO, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), marking a significant step in its renewed public market ambitions.
The company had confidentially filed its draft red herring prospectus (DRHP) in December 2025 after securing shareholder approval to raise up to ₹6,650 crore through a fresh issue of equity shares. According to sources, the offering could value PRISM between $7 billion and $8 billion.
Company Prepares for Next Phase of Listing Process
Following the approval, PRISM is expected to file an Updated Draft Red Herring Prospectus (UDRHP-1), which will be available for public comments for 21 days. The company is currently evaluating market conditions and the timing of the issue before moving ahead with the next phase of the listing process.
PRISM has appointed Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital, and Intensive Fiscal Services as book-running lead managers for the proposed issue.
Expansion Strategy Supports Public Market Push
The IPO approval comes amid PRISM’s continued expansion across India, the United States, and Europe. Over the past year, the company has strengthened its focus on self-operated hotels and premium hospitality brands, including Sunday Hotels and Pallette Hotels.
The company has also entered India’s vacation rental market through DanCenter and expanded its presence in religious tourism destinations. Recently, PRISM appointed former SEBI chairman Ajay Tyagi as an independent director.
In November 2025, Moody’s reaffirmed PRISM’s B2 corporate family rating with a stable outlook and projected EBITDA of around ₹2,496 crore for FY26, supported by the G6 Hospitality acquisition, premium hotel expansion, and operational efficiencies.
PRISM had previously attempted to go public in 2021 before postponing its plans. The latest approval brings the company closer to one of India’s most closely watched hospitality-sector listings.