Summary:
- PRISM filed confidentially for an IPO days after shareholders approved $742 million.
- Confidential filings let companies file draft IPO papers before going public.
- The company posted 16 percent YoY revenue growth to $695.92 million in fiscal 2025.
PRISM, THE PARENT of OYO Hotels, confidentially filed for an initial public offering in India, Reuters reported. The filing comes days after the SoftBank-backed firm received shareholder approval to raise up to $742.04 million through a fresh share issue.
A confidential filing allows companies to submit draft IPO papers to the Securities and Exchange Board of India for review without making them public until they proceed with the offering, according to Reuters. The recent IPO approval came at a shareholders’ meeting on Dec. 20, where investors backed pursuing an IPO without a timeline, giving the company flexibility to access public markets.
OYO first filed for an IPO in 2021, targeting a valuation of up to $12 billion, but later withdrew the plans. The company shelved its third IPO attempt following opposition from its largest shareholder, SoftBank, whose Vision Fund holds a larger stake than founder Ritesh Agarwal’s 30 percent. OYO was reportedly targeting a public listing by March at a valuation of about $7 billion.
The company reported a 16 percent year-on-year revenue increase to $695.92 million in fiscal 2025. Net profit after exceptional items rose 6.6 percent to $27.2 million, operating profit was $4.96 million and gross booking value rose 53 percent to $195.78 million. Revenue reached $75.3 million, with the global hotel count at 20,000.
The filing adds to a pipeline of listings in a year with strong equity issuance and investor appetite. India was the world's second-largest primary equity market in 2025, raising $21.6 billion through 352 deals as of Dec. 18, surpassing last year's $20.5 billion fundraise, Reuters reported citing, LSEG data.
“As we look ahead, our focus extends beyond just growing revenue and profit—we are committed to delivering exceptional customer experiences, using data to drive innovation and expanding our footprint across new geographies and market segments,” said Agarwal, who also chairs G6 Hospitality, parent of Motel 6 and Studio 6. “This holistic approach positions us to capitalize on long-term opportunities and build a sustainable, agile, and resilient business that adapts to changing industry dynamics.”
Gajendra Singh Shekhawat, India’s minister of tourism and culture, recently said the country is considering a harmonized infrastructure status for the hotel industry, which could attract new investment and support tourism.
