Global travel technology firm PRISM, the parent company of Oyo, has filed its draft red herring prospectus with the Securities and Exchange Board of India through the confidential pre filing route. The company is looking to raise up to Rs 6,650 crore through an initial public offering, according to people familiar with the matter.
The proposed IPO will be an all fresh issue of equity shares. Based on discussions around the filing, the issue could value PRISM in the range of 7 to 8 billion dollars. The move signals the company’s renewed attempt to tap public markets after earlier plans were put on hold due to global uncertainty.
Why is PRISM choosing the confidential route?
PRISM has opted for SEBI’s confidential pre filing mechanism, which allows issuers to submit draft documents and engage with the regulator before making details public. This route offers flexibility on timing and reduces public scrutiny during the review phase.
The confidential filing route has become increasingly popular among new age and consumer facing companies. Firms such as Meesho, Swiggy and Tata Play have either used or explored this option in recent years, especially when market conditions are uncertain.
What approvals has PRISM already secured?
The filing follows shareholder approval at an extraordinary general meeting held on December 20, 2025. At the meeting, shareholders gave their consent for the company to raise capital through an IPO, subject to regulatory clearances and favourable market conditions.
This approval cleared a key internal hurdle and allowed PRISM to move ahead with formal filings and discussions with regulators and bankers.
Who are the bankers managing the IPO?
PRISM had initially appointed ICICI Securities, Axis Capital, Goldman Sachs and Citibank as book running lead managers for the issue. Since then, the company has expanded the syndicate by adding more banks, indicating preparations for a large and potentially complex offering.
PRISM has not commented publicly on the filing or the details of the proposed IPO, and did not respond to queries sent by media at the time of reporting.
Why is this PRISM’s second IPO attempt?
This marks PRISM’s second attempt at going public. The company first initiated the IPO process in 2021 and filed offer documents with SEBI, followed by a revised filing with updated financial and operational disclosures.
Those plans were later withdrawn as global equity markets turned volatile and investor sentiment weakened following the Russia Ukraine conflict. Many technology and consumer internet companies chose to delay listings during that period due to valuation concerns and poor market appetite.
How has the business evolved since then?
Since shelving its earlier IPO plans, PRISM has continued to scale its operations both in India and internationally. The company has sharpened its focus on higher value offerings and premium segments.
It has expanded its premium hotel portfolio through brands such as SUNDAY Hotels and Palette. Internationally, PRISM strengthened its presence with the acquisition of US based G6 Hospitality, which operates the Motel 6 and Studio 6 economy lodging brands.
These moves reflect a shift towards improving margins, diversifying revenue streams and building a more balanced global portfolio.
What do the latest financials show?
Recent disclosures suggest a strong start to the financial year 2025 to 26. For the June quarter, PRISM reported a net profit of over Rs 200 crore.
Revenue for the quarter stood at Rs 2,019 crore, representing a year on year growth of 47 percent. Gross booking value for the period was Rs 7,227 crore, up 144 percent compared to the same quarter last year.
These numbers indicate a meaningful improvement in scale and profitability, which could support the company’s case as it approaches public markets again.
What should investors watch next?
The next steps will include SEBI’s review of the confidential filing, further engagement between the regulator and the company, and eventual public disclosure of the offer documents if PRISM decides to proceed.
Market conditions, valuation expectations and investor appetite for large technology led IPOs will play a critical role in determining the final timing. For now, PRISM’s confidential filing marks a significant step in its renewed push towards a public listing.