Prism, the Gurugram-based parent of hospitality brand Oyo, has received approval from the Securities and Exchange Board of India (Sebi) for an IPO, according to sources.

The offering is expected to raise 66.5 billion rupees (US$699 million) in fresh capital.

The company is expected to file an updated draft red herring prospectus within six to eight weeks.

Prism reported 2.5 billion rupees (US$25.7 million) in profit on 62.5 billion rupees (US$657 million) in revenue for the year ended March 31, 2025.

The December filing was Prism’s third IPO attempt. Sebi returned the company’s 2021 application and asked it to refile with updated financials. Oyo later withdrew its draft prospectus in 2024 and raised private capital instead.

Sources said Prism is targeting a valuation of 500 billion rupees (US$5.26 billion) to 600 billion rupees (US$6.31 billion). That would be above the company’s 2024 private-market valuation of about US$2.5 billion, though the final valuation will depend on market conditions.

🔗 Source: The Economic Times