OYO, now rebranded as PRISM, has filed an Updated Draft Red Herring Prospectus (UDRHP) with SEBI for a fresh ₹6,650 crore initial public offering (IPO). The parent company, Oravel Stays Ltd, is returning to the public markets with profits on its side, marking a shift from its earlier attempts to list amid losses. PRISM operates 43 brands across 35 countries, spanning hotels, vacation homes, and extended-stay properties, reflecting a broader portfolio than OYO's original budget hotel aggregator model, according to inc42.com.
The company first filed for an IPO in 2021, targeting a valuation above $9 billion, but withdrew following regulatory queries and a tech stock correction. A confidential filing in 2023 was also withdrawn in May 2024 due to weak market sentiment and ongoing debt refinancing that would have materially impacted its financials. PRISM's new filing comes after a rebranding in September 2025 and a strategic shift to profitability, with no existing shareholders selling stakes in the current offering, inc42.com reports.
This IPO attempt is significant in the context of India's startup ecosystem, where OYO's earlier high-profile listing plans faced setbacks. The company's pivot to profitability and diversified brand portfolio contrasts with its previous loss-making, single-brand approach. The ₹6,650 crore fresh issue positions PRISM alongside other large new-age technology listings in India, such as Nykaa and Paytm, highlighting a maturing startup market where profitability is increasingly prioritized, according to inc42.com.
The updated draft prospectus filed with SEBI details PRISM's expanded operations and financial turnaround. The company's next regulatory milestone will be SEBI's review and approval process, which will determine the timeline for the IPO launch. The filing underscores PRISM's intent to leverage its global footprint and diversified brand presence to attract investors.