Global hospitality technology company PRISM, which is the parent firm of OYO, has received approval from the Securities and Exchange Board of India (Sebi) for its proposed initial public offering (IPO) worth ₹6,650 crore, according to people aware of the development.
The company had filed its confidential Draft Red Herring Prospectus (DRHP) with the market regulator at the end of December 2025 as part of its listing plans. The filing followed shareholders’ approval at an extraordinary general meeting (EGM) held on December 20, 2025, where the company received consent to raise up to ₹6,650 crore through a fresh issue of equity shares.
The proposed public offering is expected to value the company at around $7-8 billion, people familiar with the matter said.
The company has appointed Axis Capital, Citibank, Goldman Sachs, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital and Intensive Fiscal Services as the book-running lead managers for the IPO.
As the next step, the company will now file a public Updated Draft Red Herring Prospectus (UDRHP-I), which will be open for public comments for 21 days. According to sources, the company is planning to file this by early July. Sources added that PRISM is currently evaluating market conditions and broader listing timelines while it prepares to file its UDRHP-I.
The company recently appointed former Sebi Chairman Ajay Tyagi as an independent director on its board.
The development comes as PRISM continues to strengthen its presence across its key markets — India, the US and Europe — and increase its focus on self-operated hotels and the growth of premium brands such as Sunday Hotels and Pallette Hotels. It also recently entered the vacation homes segment in India with its European brand DanCenter by opening villas for rent in Goa.
In India, PRISM has also increased its presence in religious destinations to capitalise on the growth in spiritual travel.
