Prism Files Updated IPO Papers For ₹6,650 Crore, No OFS, Prioritises Debt Repayment

OYO's parent company Prism has put its public listing plans back on the table, filing updated initial public offering (IPO) papers with the Securities and Exchange Board of India (SEBI) for a fresh issue worth up to ₹6,650 crore.

There is no offer for sale this time around, which means founder Ritesh Agarwal and major investors including SoftBank's SVF India Holdings, Microsoft, Airbnb, Peak XV, Lightspeed, Khazanah and Greenoaks Capital are all staying put rather than cashing out any portion of their holdings.

A pre-IPO placement of up to ₹1,330 crore is also on the table. If that happens before the prospectus is finalised, the fresh issue size comes down by the same amount.

Where The Money Is Actually Going

• ₹4,987.5 crore, close to three-fourths of the total OYO’s IPO proceeds, goes straight toward repaying or prepaying outstanding loans.

• The rest covers general corporate purposes.

This is a debt cleanup exercise as much as it is a growth fundraise.

The Business Has Turned A Corner

For the nine months ending December 2025, Prism pulled in revenue of ₹6,941 crore, already more than its entire FY25 revenue of ₹6,259 crore. Net profit jumped to ₹748 crore from just ₹245 crore. Earnings before interest, tax, depreciation and amortisation more than doubled to ₹2,127 crore.

The footprint backing those numbers is sizeable. Forty-three brands run across more than 35 countries, and as of December 2025 the network covered 24,303 hotels, 124,668 homes and 144,583 listings, with over 119 million unique customers served since the company started.

India And The US Are Carrying The Growth

India's company-run hotel count grew from 1,053 to 1,573 storefronts in nine months, pulling in ₹1,346 crore in bookings, already 65% ahead of the entire previous year.

Overseas, the Motel 6 and Studio 6 acquisition through G6 Hospitality has paid off in a big way, generating ₹12,022 crore in bookings and contributing over half the company's global business volume.

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Other Developments

S&P Global lifted Prism's outlook to Positive from Stable. A ₹3,885 crore angel tax demand against the company was also recently struck down by the Income Tax Appellate Tribunal, clearing one less thing for investors to worry about going into the listing.

The company is still carrying heavy debt, its fortunes are tied closely to travel demand in the US and Europe, and since this is its first time going public, there is simply no track record of how the stock will trade once it lists.