Oravel Stays Ltd, the company better known as OYO's parent, now rebranded as Prism, has moved a significant step closer to its long-awaited stock market debut, filing an Updated Draft Red Herring Prospectus (UDRHP) with SEBI on Tuesday.
In a clear signal of confidence in the company's future, neither founder Ritesh Agarwal nor SoftBank, the largest single shareholder, will sell any shares in the IPO, making this an entirely fresh issue.
The IPO is structured as a pure fresh issue of equity shares aggregating up to ₹6,650 crore, with no offer-for-sale component whatsoever. This means that all proceeds will go directly into Prism's operations and debt repayment, rather than to existing investors.
The company has also reserved the option of raising up to ₹1,330 crore through a pre-IPO placement before filing its final Red Herring Prospectus, which, if completed, would be deducted from the total fresh issue size.
The primary use of the net proceeds is repayment or prepayment of borrowings held by its Singapore subsidiary, Oravel Stays Singapore Pte. Ltd., equivalent to approximately $526.33 million.
Who owns what
SoftBank, through its investment vehicle SVF India Holdings (Cayman) Limited, remains the single largest shareholder with a 40.04 per cent pre-issue stake on a fully diluted basis, while Agarwal holds 6.59 per cent directly and an additional 20.12 per cent through RA Hospitality Holdings (Cayman).
Airbnb Inc. is among the notable public shareholders, holding a 1.22 per cent stake.
The company has evolved from the scrappy budget-hotel aggregator that Agarwal launched in 2012, at the age of 18
As of December 31, 2025, Prism operated 293,554 storefronts across more than 35 countries, spanning hotels, vacation homes and listings under brands including Sunday, Townhouse, Palette, Belvilla, DanCenter, Motel 6, Studio 6 and Weddingz. Eight investment banks, including Axis Capital, Citigroup, Goldman Sachs India, ICICI Securities and SBI Capital Markets, are managing the offering.
The company also turned resolutely profitable: for the nine months ended December 2025, it reported revenue from operations of ₹6,940.97 crore (of which ₹5,814.27 crore came from overseas markets) and a net profit of ₹748.34 crore, compared with ₹244.82 crore in FY25 and ₹229.58 crore in FY24.
This listing follows a previous effort that saw the company file and withdraw draft IPO papers between 2021 and May 2024. But this time, it seems to be firing on all cylinders.
