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India's OYO parent PRISM files an updated DRHP for a ₹6,650 crore (~US$775m) all-fresh-issue IPO

The renamed hospitality group refiles with India's SEBI on June 30 with no offer for sale; ₹4,987.5 crore earmarked to repay debt; SoftBank, Microsoft and Airbnb hold their stakes

Startups·Money· pending-decision Whose Money·The Long Game ·5 takes · ·rbtfl upd Jul 2, 2026

Summary

PRISM, the renamed parent of Indian hospitality startup OYO (formerly Oravel Stays), filed an updated draft red herring prospectus with India's SEBI on 30 June 2026 for an IPO of only a fresh issue of up to ₹6,650 crore (about US$775m), with no offer for sale. About ₹4,987.5 crore would repay or prepay borrowings. Existing backers including SoftBank's SVF India, Microsoft, Airbnb, Peak XV and Lightspeed are not selling, and founder Ritesh Agarwal holds. PRISM reported FY26 revenue of ₹6,941 crore, up from ₹6,259 crore, and profit after tax of ₹748 crore, up from ₹245 crore. It is OYO's fourth run at a public listing after aborted attempts since 2021.

The split

Indian financial press treats the no-offer-for-sale structure as the story: SoftBank and the founder keeping every share signals confidence and directs proceeds to debt rather than early-investor exits. Coverage is almost entirely domestic, reflecting that OYO's listing is an India-market event, though its cap table, SoftBank, Microsoft, Airbnb, is global. The profit turnaround is the pitch after years of losses stalled earlier attempts.

By the numbers

  • ₹6,650 crore (~US$775m), fresh-issue IPO size.
  • ₹4,987.5 crore, earmarked for debt repayment.
  • ₹6,941 crore, FY26 revenue (up from ₹6,259 crore).
  • ₹748 crore, FY26 profit after tax (up from ₹245 crore).
  • 4th, OYO's attempt at an IPO since 2021.

Why it matters

A clean, debt-reducing, all-fresh-issue structure is OYO's bid to finally reach public markets after a decade of losses, down-rounds and withdrawn filings. As one of India's most-watched startup listings, its reception will test investor appetite for large Indian consumer-tech IPOs and shape how SoftBank's remaining India bets exit.

What to watch

  • SEBI's clearance timeline and the final price band.
  • Whether PRISM runs the up-to-₹1,330 crore pre-IPO placement.
  • Whether sustained profitability holds through the listing.