India’s Oyo Hotels’ parent company Prism received shareholders’ approval to raise up to 66.50 billion rupees ($742.04 million) through a fresh issue of equity shares as part of its proposed initial public offering (IPO), a regulatory filing showed on Tuesday.
The budget hotel aggregator first filed for an IPO in 2021, targeting a valuation of up to $12 billion. It briefly revived plans to list in March 2023 through a confidential filing with the market regulator and then postponed the issue for a third timethis May, opting to raise debt instead in past years.
At the meeting on Saturday, shareholders of Prism, formerly known as Oravel Stays, approved the proposal to pursue an IPO without specifying a date, giving the company flexibility to tap public markets at an opportune time.
The news comes months after Oyo delayed its third IPO attempt amid opposition from its largest shareholder, SoftBank, most recently aiming to list by March 2026 at a valuation of $7 billion, Bloomberg News had reported in May.
The company posted a 16% year-on-year rise in revenue to 62.53 billion rupees for the financial year 2025 and net profit after exceptional items increased by 6.6% to 2.45 billion rupees.
It also marked its twelfth straight EBITDA-positive quarter, driven by expansion in premium segments, integration of acquisitions and technology-led operations.
Reuters
