OYO parent PRISM has filed its Updated Draft Red Herring Prospectus (UDRHP-I) with the Securities and Exchange Board of India (SEBI), moving a step closer to its long-awaited public listing after receiving the regulator'sapprovalearlier this month. The proposed initial public offering (IPO) comprises a fresh issue of equity shares worth up to Rs 6,650 crore, with no offer for sale (OFS) component. The company may also undertake a pre-IPO placement of up to Rs 1,330 crore, which would reduce the size of the fresh issue if completed. The shares will be listed on the NSE and BSE. Since the issue is entirely a primary raise, existing shareholders including SoftBank, founder Ritesh Agarwal, Microsoft, Airbnb, Peak XV, Lightspeed, Greenoaks and Khazanah will not dilute their stakes through the IPO. According to the company, PRISM plans to use Rs 4,987.5 crore from the net proceeds to repay or prepay borrowings, while the remaining funds will be deployed for general corporate purposes. 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. As of the DRHP filing, SoftBank is the company's largest shareholder with a 40.04% stake, followed by founder Ritesh Agarwal, who holds a combined 26.71% stake through RA Hospitality Holdings and in his personal capacity. The Oravel Employee Welfare Trust, represented by trustee Dinesh Ramamurthi, owns 5.39%, while Patient Capital and Five Stars Capital hold 3.81% and 2.77%, respectively. Lightspeed, Airbnb, and Peak XV Partners own 1.74%, 1.22%, and 1.06% stakes, respectively. The updated filing comes amid a sharp improvement in the hospitality technology firm's financial performance. During the first nine months of FY26, PRISM reported revenue from operations of Rs 6,941 crore, while its net profit surged threefold to Rs 748 crore from Rs 245 crore in FY25. The company said it operates 43 brands across more than 35 countries. As of December 31, 2025, its network included 24,303 hotels, 124,668 homes and 144,583 listings. It has also expanded its company-serviced hotel business in India, where storefronts increased to 1,573 from 1,053 at the end of FY25, with the segment contributing nearly half of the company's India gross booking value (GBV). International markets continue to drive growth. Following the acquisition of G6 Hospitality, PRISM's US business contributed over 52% of global GBV during the nine-month period, while its European homes business also expanded significantly. The company said its direct channels accounted for 67.6% of stays, supported by a combined loyalty base of 26.4 million members across OYO Wizard and My6. PRISM hadconfidentiallyfiled its draft IPO papers in December 2025 and received SEBI's approval earlier this month. The company is expected to target a valuation of around $7-8 billion, lower than its pr
