OYO Takes Third Shot At Public Listing, Pre-Files For INR 6,650 Cr IPO

SUMMARY

The company is looking to raise INR 6,650 Cr via fresh issue as part of the IPO, which is also expected to comprise an offer-for-sale component

Sources told Inc42 that the company is eyeing a valuation of $7 Bn to $8 Bn for the public issue

Bankers like ICICI Securities, Axis Capital, Goldman Sachs and Citibank are the book running lead managers for the IPO

Hospitality unicorn OYO’s parent PRISM has pre-filed draft papers for an initial public offering (IPO), days after receiving shareholders’ nod for its third attempt at a public listing.

The company is looking to raise INR 6,650 Cr via fresh issue as part of the IPO, which is also expected to comprise an offer-for-sale component.

Sources told Inc42 that the company is eyeing a valuation of $7 Bn to $8 Bn for the public issue. It has chosen bankers like ICICI Securities, Axis Capital, Goldman Sachs and Citibank as the book running lead managers for the IPO.

PRISM’s shareholders approved the INR 6,650 Cr IPO via an extraordinary general meeting (EGM) earlier this month. Alongside this, the shareholders also approved a bonus issue of shares in the ratio of 1:19, that is issuance of one fully paid equity share for every 19 shares held. Besides, it also approved a 1:1 bonus issue in September 2025.

PRISM’s confidential IPO filing mirrors a recent trend for startup IPOs. Amid the IPO boom in 2025, startups like Zepto, PhonePe, InCred, among others, pre-filed their DRHP with the markets regulator this year.

Notably, OYO first filed draft papers for an IPO in 2021 but withdrew it citing market volatility. Later, it pre-filed its DRHP but withdrew it last year and chose to go for a private funding round for refinancing its term loan of around $1.2 Bn it took in 2021.

The company is expected to use a significant amount of capital raised from the fresh issue of IPO for debt repayments.

The company has been steadily preparing for its public listing for over a year. Earlier this year, it rebranded the parent entity name to PRISM from OYO, strengthened its profitability and bolstered its premium portfolio in India and abroad.

The company posted a net profit of INR 244.8 Cr in FY25, up 7% from INR 229.6 Cr in its maiden profitable year in FY24. However, OYO’s profitability came on the back of a deferred tax gain of INR 765.6 Cr in FY25. This number stood at INR 51.3 Cr in the previous fiscal.

It claimed to have registered a net profit of over INR 200 Cr in Q1 FY26, along with a 47% YoY jump in its top line to INR 2,019 Cr. For the full fiscal year, the company is eyeing a profit of INR 800-1,000 Cr, aided by its recent acquisitions.