PRISM IPO: OYO Parent Secure SEBI Nod for $7–8 Billion Public Listing

According to sources close to the development, the public market debut could value the travel-tech unicorn at an estimated $7 billion to $8 billion.

The company got the approval from regulators after they secretly filed a Draft Red Herring Prospectus, or DRHP, back in December 2025. On December 20, 2025, special meeting, shareholder gave the company permission to raise up to ₹6,650 crore by selling new equity shares.

Next Steps and Market Timeline:
Now that SEBI has given the green light, PRISM's next step is to submit its updated draft prospectus, known as the UDRHP-1. As soon as this document is filed, which is expected to happen in early July, it will be made available to the public for a 21-day period, during which time anyone can review and comment on it. This is a required step, and after the comment period is over, PRISM will be able to move forward with its plans. The filing of the UDRHP-1 is a significant milestone, and it's likely that the company is working hard to get everything ready for the upcoming deadline.

The final launch date will ultimately hinge on prevailing market sentiments and institutional appetite. To steer the mega-issue, the company has lined up a heavyweight roster of book-running lead managers, including Axis Capital, Citibank, Goldman Sachs, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital, and Intensive Fiscal Services.

Pivot to Premium and Stronger Financial Outlook:
The regulatory milestone comes on the back of notable operational shifts and an aggressive global footprint expansion spanning India, Europe, and the United States. OYO, through its parent company PRISM, has been expanding its premium hospitality portfolio by focusing on self-operated boutique hotels and premium brands such as Sunday Hotels and Palette Hotels.

The hospitality company has also recently made a move into India's growing spiritual tourism market, and has started offering high-end vacation rentals in the country by introducing its European brand, DanCenter, in Goa, which is known for its beautiful holiday homes.

Recently, Moody's - a well-known global ratings agency - gave its stamp of approval to PRISM's current path. They confirmed the company's B2 corporate family rating and said they expect things to stay stable. This is largely due to the company's efforts to cut costs, increase premium prices, and successfully bring its huge G6 Hospitality acquisition under its wing. Moody's thinks these moves will really pay off, predicting that PRISM's EBITDA will more than double by FY26 - reaching around $280 million, which is roughly ₹2,496 crore. This is a big jump and a good sign for the company's future.

In a bid to cement its corporate governance ahead of the public eye, PRISM also recently appointed former SEBI Chairman Ajay Tyagi to its board as an Independent Director.