Oyo

The filing said Prism could raise up to 13.3 billion rupees (US$141 million) in a pre-IPO placement before filing its red herring prospectus.

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

Oyo may file its draft prospectus later this year and could bring on more banks, the sources said.

Prism plans to file a draft red herring prospectus in November and is reportedly seeking a US$6 billion to US$7 billion valuation.

For FY25, Oyo posted revenue of 6,252 crore rupee (US$709 million) and net profit of about 244 crore rupee (US$27.7 million).

Oyo is also considering a new parent brand identity and may launch a separate app for its premium and mid-market hotels.

The deal gives Oyo a direct entry into the Australian and New Zealand short-stay markets.

Culture Circle plans to use the funds to improve its AI engine, expand product offerings, and enter international markets.

Oyo will present its IPO plans to key shareholder SoftBank at a London meeting in June.

This marks Oyo’s third IPO attempt, following two withdrawals in 2021 and 2022, the latest being in May 2024.