PRISM, the parent company of hospitality technology firm OYO, has received approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), according to sources aware of the matter. The company hadconfidentially filedits draft red herring prospectus (DRHP) with the market regulator in December 2025 as part of its renewed public listing plans. The filing followed shareholder approval received at an extraordinary general meeting held on December 20, 2025, where investors cleared a proposal to raise up to Rs 6,650 crore through a fresh issue of equity shares. According to sources, the proposed offering could value the company at $7 billion to $8 billion. PRISM has appointed Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital and Intensive Fiscal Services as book-running lead managers for the issue. Following the approval, the company is expected to file an Updated Draft Red Herring Prospectus (UDRHP-1), which will be open for public comments for 21 days. Sources said the company is evaluating market conditions and listing timelines before proceeding with the next stage of the process. The development comes as PRISM expands its presence across India, the US and Europe. Over the past year, the company has increased its focus on self-operated hotels and premium hospitality brands, including Sunday Hotels and Pallette Hotels. It has also entered India's vacation rental segment through DanCenter and expanded its presence in religious destinations. Last month, PRISMappointedformer SEBI chairman Ajay Tyagi as an independent director. In November 2025, Moody's Ratings reaffirmed PRISM's B2 corporate family rating with a stable outlook. At the time, the ratings agencyprojectedthe company's EBITDA to reach around $280 million (approximately Rs 2,496 crore) in FY26, citing expected contributions from the G6 Hospitality acquisition, expansion of premium storefronts and operational efficiencies. PRISM first attempted a public listing in 2021 before shelving the plan amid changing market conditions. The confidential filing made in December marked the company's latest effort to tap the public markets. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
