Prism Gets Sebi Approval for Rs 6,650 Crore Initial Public Offering

Prism Hotels and Resorts Secures Sebi Approval for ₹6,650-Crore IPO

The Securities and Exchange Board of India (Sebi) has granted regulatory clearance to Prism Hotels and Resorts, the parent company of Oyo, for its proposed initial public offering (IPO). This development marks a significant milestone in the company's renewed efforts to go public after multiple attempts over the past few years.

According to sources, Prism had confidentially filed draft papers for a proposed ₹6,650-crore IPO through a fresh issue of shares in December. The company was targeting a valuation of around $7-8 billion, lower than the roughly $12 billion valuation it had sought during its earlier listing attempt in 2021. The IPO proposal had received shareholder approval at an extraordinary general meeting held on December 20, 2025.

Following Sebi's approval, the company is expected to file an updated draft red herring prospectus (UDRHP) sometime in early June, which will be made public and remain open for comments for 21 days. The company is currently evaluating market conditions and broader listing timelines before taking the next steps towards the public issue.

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Prism has appointed a team of book-running lead managers to the offering, including Axis Capital, Citigroup, Goldman Sachs, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital, and Intensive Fiscal Services. The company is focused on improving profitability and expanding its presence across key markets, including India, the US, and Europe.

In addition, Prism has been growing its premium hotel portfolio and integrating G6 Hospitality, the US motel chain it acquired last year. The company has also recently appointed former Sebi chairman Ajay Tyagi as an independent director on its board.

Ratings agency Moody's recently reaffirmed Prism's B2 corporate family rating with a stable outlook and expects the company's EBITDA to more than double in FY26, supported by contributions from the G6 Hospitality acquisition, expansion of premium hotel offerings, and continued cost optimisation.

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