OYO parent PRISM secures SEBI nod for IPO, sources say
PRISM, the parent company of OYO, has received approval from India’s Securities and Exchange Board (SEBI) to proceed with its IPO, aiming to raise up to ₹6,650 crore ($7-8 billion valuation) and file its Updated Draft Red Herring Prospectus by early July. The listing is expected to be closely watched in India’s consumer technology and hospitality sector, with eight global banks appointed as lead managers for the issue.
PRISM, the parent entity of OYO, has secured regulatory approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The approval moves the hospitality and travel technology firm closer to a public listing, with plans to raise up to ₹6,650 crore, potentially valuing the company at $7-8 billion. The company had initially filed a confidential Draft Red Herring Prospectus (DRHP) in December 2023, following shareholder approval. PRISM is now expected to submit its Updated Draft Red Herring Prospectus (UDRHP-1) by the first week of July, opening the document for public comments for 21 days. This confidential filing route allows SEBI to review the proposal without immediate public disclosure of detailed financial or business information. The proposed IPO is anticipated to be a significant event in India’s consumer technology and hospitality space, given OYO’s extensive presence in domestic and international markets. The company operates one of India’s largest hospitality and travel technology platforms, covering hotels, holiday homes, and related travel services. Eight global banks—Axis Capital, Citibank, Goldman Sachs, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital, and Intensive Fiscal Services—have been appointed as book-running lead managers for the issue. PRISM is currently evaluating market conditions and broader listing timelines before finalizing the next steps in the process.
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