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Oyo parent PRISM has filed its updated Draft Red Herring Prospectus-I (UDRHP-I) with the Securities and Exchange Board of India (SEBI).
The proposed IPO comprises a fresh issue of shares of up to Rs 6650 crore, with no offer for sale by existing shareholders. The company may also consider a pre-IPO placement aggregating up to Rs 1330 crore prior to filing the Red Herring Prospectus (RHP) with the Registrar of Companies. If undertaken, the amount raised through the pre-IPO placement will be reduced from the fresh issue.
According to the UDRHP-I, the company proposes to use Rs 4987.5 crore from the net proceeds for repayment or prepayment of borrowings. The balance will be used for general corporate purposes. The shares are proposed to be listed on NSE and BSE. With the IPO structured as an entirely fresh issue, existing shareholders including SoftBank’s SVF India Holdings, founder Ritesh Agarwal and RA Hospitality Holdings, Microsoft, Airbnb, Khazanah, A1 Holdings., Star Virtue Investment, Global Ivy Ventures, Lightspeed, Greenoaks Capital and Peak XV are not selling shares through the proposed public issue.
In the papers filed, PRISM describes itself as, a 'technology driven' hospitality platform that has scaled into a global 'multi-brand platform' across hotels, vacation homes, extended-stay properties and listings.
For the nine months ended December 31, 2025 (9MFY26), the company reported revenue from operations of Rs 6,941 crore, up 11% compared to the company’s full-year financial year 2025 revenue of Rs 6259 crore.
PRISM reported a net profit Rs 748 crore for 9MFY26 compared with Rs 245 crore in financial year 2025.
The company's EBITDA stood at Rs 2127 crore for 9MFY26, compared with Rs 953 crore in financial year 25. EBITDA excluding exceptional items, share-based payment expense and other income stood at Rs 1968 crore for 9MFY26, 80% higher than the full FY25 figure of Rs 1095 crore. As of December 31, 2025 and March 31, 2025, the company had total borrowings of Rs 7485 crore and Rs 7144 crore respectively.
Once primarily driven by the homegrown brand Oyo, as much as 84% of the company's revenue from operations now comes from outside India. The US and Europe contributed about 27% and 24% respectively to the company's overall revenue from operations in 9MFY26.
PRISM stated it operates 43 brands across more than 35 countries. As of December 31, 2025, its network comprised 24,303 hotels, 124,668 homes and 144,583 listings, including 14,937 storefronts in India. Since its inception in 2012, the company said it has served 119.36 million unique customers with 68% direct demand.
The US business has now become one of the biggest drivers of scale for the company after the acquisition of G6 Hospitality, which operates the Motel 6 and Studio 6 brands in the US and Canada. In 2024, it acquired G6 Hospitality, operator of the Motel 6 chain in the US for $ 503.6 million. The US contributed 52.39% of PRISM’s global GBV during the nine-month period. The company's US business GBV stood at Rs 12,022.51 crore for 9MFY26. This was about 155% higher than the full financial year 2025 US GBV of Rs 4712.83 crore.
The G6 acquisition gives PRISM a presence in the North American market and extended-stay hotel segments, while also adding a royalty and franchise-led revenue stream through the Motel 6 and Studio 6 brands.
In India, PRISM said it has been expanding its company-serviced hotel business India company-serviced hotel storefronts increased to 1,573 as of December 31, 2025, from 1,053 as of March 31, 2025. India company-serviced hotel’s Gross Booking Value (GBV) stood at Rs 1346.45 crore for 9MFY26, about 65% higher than the full FY25 figure of Rs 818.23 crore. Company-serviced hotels contributed 49.29% of PRISM’s India GBV. The company has been expanding this model under brands such as Sunday, Palette, Clubhouse, Townhouse & Townhouse Oak.
The company's Europe homes and listings increased to 269,251 as of December 31, 2025, from 208,901 as of March 31, 2025 as per the filings.
The company’s European homes and listings business includes brands such as Belvilla, DanCenter and CheckMyGuest.Despite this scale, the filing says PRISM has captured less than 1% of the European homes market.
The company said for 9MFY26, 67.6% of stays came through direct-to-consumer channels. Repeat demand stood at 61.8% during the same period.
S&P Global Ratings recently revised PRISM's outlook to Positive (from Stable) while affirming its 'B' issuer credit rating, citing improving profitability, stronger cash generation, and the transformative impact of the proposed IPO on the balance sheet.
The agency noted consistent operating momentum with EBITDA growing at a compound annual rate exceeding 45% between FY24 and FY26, with margins expected to approach 30% over the coming years as the company benefits from scale, operational efficiencies, and premiumization of its offerings.
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