- PRISM filed an updated $701 million IPO draft.
- It plans $526 million of proceeds to repay borrowings.
- Its revenue was about $732M for last nine months of 2025.
PRISM, THE PARENT of OYO and G6 Hospitality, filed its Updated Draft Red Herring Prospectus-I with the Securities and Exchange Board of India. The proposed initial public offering comprises a fresh issue of shares worth up to about $701 million, with no offer for sale by existing shareholders.
Existing investors, 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, will not sell shares in the offering, PRISM said in the filing. The company had confidentially submitted its draft red herring prospectus in December 2025.
PRISM is led by Founder and Group CEO Ritesh Agarwal, who also chairs G6 Hospitality, parent of Motel 6 and Studio 6.
The company may undertake a pre-IPO placement of up to about $140 million before filing the Red Herring Prospectus with the Registrar of Companies. Any amount raised through the placement will reduce the size of the fresh issue.
According to the filing, PRISM plans to use about $526 million of the net proceeds to repay or prepay borrowings. The remainder will be used for general corporate purposes.
PRISM describes itself as a hospitality platform operating hotels, vacation homes, extended-stay properties and listings across multiple brands.
For the nine months ended Dec. 31, 2025, PRISM reported revenue from operations of about $732 million, exceeding its fiscal 2025 revenue of about $660 million. It reported a profit after tax of about $79 million for the nine months of fiscal 2026, compared with about $26 million in fiscal 2025. EBITDA was about $224 million for the nine months of fiscal 2026, compared with about $101 million in fiscal 2025.
Founded as a budget hotel aggregator in India, PRISM now derives nearly 84 percent of its revenue from international operations, according to the filing. International markets generated 83.77 percent of revenue for the nine months ended December 31, 2025, while India accounted for 16.23 percent.
Among international markets, the U.S. accounted for 27.07 percent of revenue, Europe for 23.62 percent and the United Kingdom for 5.44 percent. International growth was driven largely by the acquisition of G6 Hospitality, which owns the Motel 6 and Studio 6 brands in North America.
The U.S. business became a key growth driver following the acquisition, according to the company. It recorded gross booking value of about $1.27 billion for the nine months of fiscal 2026, up from about $497 million in fiscal 2025, accounting for more than 52 percent of the company's global gross booking value.
PRISM opened 38 extended-stay hotels across the U.S. under G6 Hospitality's Studio 6 brand. The expansion strengthens its presence in business and leisure markets and supports its global growth plans.
Meanwhile, G6 CEO Sonal Sinha stepped down after 14 months. PRISM appointed Nikhil Heda U.S. country head, expanded Anuj Ladha's role as national head of brand performance. It also recently named Brooks Crowley vice president of acquisitions for PRISM Upmarket.
Europe contributed about $426 million, or 17.60 percent of gross booking value, while India contributed about $288 million, or 11.91 percent. Southeast Asia and other international markets accounted for the remainder.
PRISM's European portfolio includes the Belvilla, DanCenter, CheckMyGuest, and Direct Booker brands. Its Europe homes and listings business expanded to 269,251 properties as of Dec. 31, 2025, from 208,901 as of March 31, 2025. The filing said the company holds less than 1 percent of the European homes market.
As of December 31, 2025, PRISM operated 293,554 storefronts in more than 35 countries, including 24,303 hotels, 124,668 homes, and 144,583 listings. It has served 119.36 million customers since its founding in 2012 and operates 43 brands in more than 35 countries.
A recent report by NOESIS Hotel Advisors said institutional investors are now the largest buyers in India's hotel market, investing about $2.31 billion in acquisitions. The report said hotels are increasingly being viewed as income-generating businesses rather than real estate assets.
