Prism, the parent company of budget hotel chain OYO, has sharply reduced the size of its planned initial public offering (IPO) as it makes another attempt to bring its long-pending listing plans to fruition. According to a filing made on Thursday, the SoftBank-backed company now intends to raise Rs 3,350 crore through a fresh issue of shares. The revised fundraising target is nearly half the Rs 6,650 crore proposed in an updated draft prospectus submitted in June.
The move comes as Prism works to revive its public market debut after several delays. Its listing plans date back to 2021, when the company first approached the market with an ambitious valuation target.
Prism’s latest filing signals a substantial reduction in the fresh capital it intends to raise from investors. The company is now targeting Rs 3,350 crore, equivalent to approximately $354.65 million, through the share sale, as per a Reuters report.
The revised figure marks a major change from the Rs 6,650 crore fresh issue outlined in its updated draft red herring prospectus in June.
The latest development comes as the company continues to work towards a stock market listing following multiple postponements.
OYO’s parent first filed its IPO papers in 2021, seeking a valuation of up to $12 billion. However, the company has struggled to complete its planned market debut, postponing the offering several times. In March 2023, Prism revived its listing ambitions by making a confidential filing. The company subsequently postponed the offering for a third time in May.
During the intervening period, it also turned to debt financing as an alternative to raising money through a public share sale.
Prism’s Listing Plans Face A Busy IPO Market
If completed, Prism’s IPO would add to an already active year for India’s primary market. Several companies are pursuing public listings, while Jio Platforms’ ongoing offering has also drawn attention to the country’s IPO pipeline.
The anticipated activity could make 2026 a record year for India’s IPO market, as businesses look to tap public investors for capital.