Oyo Parent Prism Wins Shareholder Nod to Raise ₹66.5 Billion via IPO
India’s budget hotel chain Oyo’s parent company, Prism, has secured shareholder approval to raise up to ₹66.50 billion ($742 million) through a fresh equity issue as part of its proposed initial public offering (IPO), according to a regulatory filing on Tuesday. The approval was granted at a shareholder meeting held on Saturday, allowing the company to pursue a public listing without committing to a specific timeline, thereby giving it flexibility to tap capital markets when conditions are favourable.
Formerly known as Oravel Stays, Prism has made multiple attempts to go public over the past few years. The company first filed for an IPO in 2021, targeting a valuation of up to $12 billion, before reviving plans through a confidential filing in March 2023. Its latest attempt was postponed earlier this year, partly due to resistance from its largest shareholder, SoftBank, with reports suggesting the most recent listing target was March 2026 at a valuation of about $7 billion.
The shareholder approval comes amid improving financial performance. Prism reported a 16% year-on-year rise in revenue to ₹62.53 billion for the financial year ended 2025, while net profit after exceptional items increased 6.6% to ₹2.45 billion. The company also posted its twelfth consecutive EBITDA-positive quarter, driven by growth in premium segments, integration of acquisitions, and technology-led operational efficiencies.
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