- PRISM secured SEBI approval for a $696M IPO.
- The offering could value PRISM at $7B-$8B.
- The company is expanding in India, the U.S. and Europe.
G6 HOSPITALITY PARENT PRISM received approval from the Securities and Exchange Board of India for its proposed $696 million initial public offering. The company filed its confidential draft red herring prospectus with SEBI in December 2025.
Shareholders approved the fundraise through a fresh issue of equity shares at an extraordinary general meeting on Dec. 20, 2025. The offering could value the company at $7 to $8 billion, The Economic Times reported, citing people familiar with the matter.
PRISM appointed Axis Capital, Citibank, Goldman Sachs, ICICI Securities, SBI Caps, JM Financial, InCred Capital and Intensive Fiscal Services as book-running lead managers for the IPO. It plans to file a public Updated Draft Red Herring Prospectus by early July. The document will be open for public comments for 21 days.
The company is assessing market conditions and listing timelines ahead of the UDRHP-1 filing. It recently appointed former SEBI chairman Ajay Tyagi as an independent director.
The company first filed for an IPO in 2021 to raise Rs 8,430 crore at a targeted valuation of $12 billion and submitted updated offer documents to SEBI in 2023. It later withdrew its IPO plans amid market volatility and weaker investor sentiment.
Moody's reaffirmed PRISM's B2 corporate family rating with a stable outlook and expects EBITDA to exceed $280 million in FY26, driven by the G6 Hospitality acquisition, premium storefront expansion and cost optimisation, according the Times.
PRISM is expanding in India, the U.S. and Europe, focusing on self-operated hotels and brands such as Sunday Hotels and Palette Hotels. It also entered India's vacation homes segment through DanCenter with rental villas in Goa. In India, PRISM has expanded in religious destinations to tap spiritual travel demand.
Oyo was founded in 2012 by Prism Group CEO Ritesh Agarwal. SoftBank is among its largest shareholders. In September 2025, Oravel Stays rebranded as PRISM to reflect its international expansion and broader hospitality portfolio.
