Prism, the parent company of hospitality brand OYO, has submitted a confidential draft prospectus to India’s markets regulator as it renews efforts to list publicly. The filing with the Securities and Exchange Board of India (SEBI) represents Prism’s third attempt to launch an initial public offering with a target to raise ₹6,650 crore.
OYO IPO advances as market sentiment improves
The company, which is valued at roughly ₹72,000 crore, secured shareholder approval in December to proceed with fund-raising. Prism has not clarified whether the IPO will include a sale of shares by promoters or early investors, a detail investors will seek when the offer is made public.
Prism’s renewed filing comes as a number of large Indian firms prepare to tap public markets. Quick commerce start-up Zepto, e-commerce giant Flipkart and digital financial services firm PhonePe are among companies expected to progress with initial public offerings this year. SEBI has granted permission to 197 companies to raise capital from equity markets, with an estimated total of $31 billion, or about ₹2.79 lakh crore, sought by issuers in the current cycle.
Industry participants say the timing reflects a recovery in market sentiment after a period of volatility. Last year, 103 leading companies completed listings and raised about ₹1.75 lakh crore, evidence of renewed investor appetite. Gaurav Sood, managing director and head at Avendus Capital, said India’s IPO market has seen noticeable improvement over the past two years.
Prism first attempted to list OYO in 2021, when an initial application was returned by SEBI. A subsequent filing in 2024 was voluntarily withdrawn by the company amid market uncertainty and operating losses. The company’s refreshed approach now signals greater confidence that conditions may support a successful offering.
Market watchers will be looking closely at the structure of the proposed OYO IPO, including the proportion of primary capital the company intends to raise versus any secondary share sales by existing stakeholders. Details on price bands, anchors and lead managers will only be available once a public prospectus is filed.
Beyond OYO, other notable names that have shown interest in public listings include National Stock Exchange parent entities, Reliance Jio Infocomm, Manipal Health Enterprises and SBI Funds Management. The flurry of activity suggests that India’s public equity market is providing an important channel for corporates to secure growth capital.
Prism’s hospitality chain remains a significant international brand, and a successful IPO could bolster investor confidence in Indian technology-enabled service companies that seek scale through public listings. For now, the filing under SEBI’s confidential route allows Prism to progress documentation without immediate public disclosure of sensitive deal terms.
Investors and analysts will watch subsequent announcements for clarity on the OYO IPO timetable and the likely valuation implied by public pricing. A successful float would mark a milestone for the company and add another high-profile listing to India’s recovering IPO calendar.
Key Takeaways:
- Prism, parent of hospitality brand OYO, has filed a confidential IPO application with SEBI to raise ₹6,650 crore, marking its third attempt to list.
- The company is valued at around ₹72,000 crore and secured shareholder approval for fundraising in December.
- Market recovery has encouraged several large Indian firms to prepare IPOs this year, with regulators approving 197 companies to tap equity markets.
- The OYO IPO will be watched amid other major listings as India’s public markets continue to regain momentum.
