OYO parent Prism starts roadshow for ₹6,650 crore IPO

Prism, the parent company of global travel-tech unicorn OYO, has kicked off the roadshow for its proposed ₹6,650 crore initial public offering (IPO), according to industry sources. The Ritesh Agarwal-led company has begun meeting institutional investors this week as it prepares for its public market debut later this year, a source told Forunte India.

The company initially filed a confidential draft red herring prospectus (DRHP) in December 2025 and submitted an updated draft (UDRHP) to the Securities and Exchange Board of India (Sebi) on June 30, 2026.

The proposed issue comprises only a fresh issue of equity shares worth up to ₹6,650 crore, with no offer for sale (OFS) component. Prism may also undertake a pre-IPO placement of up to ₹1,330 crore, which, if completed, will proportionately reduce the size of the fresh issue.

The company is currently estimated to be valued at around $7-8 billion. Since the IPO consists entirely of a primary issuance, existing shareholders  - including SoftBank, Ritesh Agarwal, Microsoft, Airbnb, Peak XV Partners, Lightspeed, Greenoaks Capital, and Khazanah Nasional - will not dilute their stakes through the offering.

According to the draft prospectus, ₹4,987.5 crore from the net proceeds will be used to repay or prepay outstanding borrowings, while the remainder will be allocated toward general corporate purposes.

In September 2025, OYO renamed its parent entity to Prism to consolidate its expanding global hospitality portfolio under a single corporate identity. The portfolio includes brands such as Motel 6, Studio 6, Belvilla, DanCenter, Innov8, and Weddingz.in.

The company's two biggest acquisitions - U.S.-based G6 Hospitality in 2024 and Europe's OVH (formerly Leisure Group) in 2019 - together contribute only about one-fifth of Prism's current EBITDA (earnings before interest, taxes, depreciation and amortisation).

Speaking to Fortune India earlier this year, founder and CEO Ritesh Agarwal said the rebranding reflects the company's evolution as consumer preferences shift toward premium and mid-market travel, while retaining the OYO brand for its core hospitality business.

“We started the business over a decade ago with a strong focus on providing clean and comfortable accommodation in the budget segment, where there was a clear gap in branded offerings. Over time, as customer aspirations and incomes have grown, we have seen strong demand for premium and mid-market travel experiences.”

Financially, Prism reported FY25 revenue of ₹6,325.9 crore, up 14% from ₹5,541.6 crore in FY24, driven by growth in premium stays, international markets, and better pricing. Total sales rose 16% year-on-year to ₹6,252.8 crore. EBITDA stood at ₹942.1 crore, remaining profitable for the second consecutive year, though it declined 26% from FY24 due to higher investments to support future growth.

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