Oyo Hotels' parent company Prism received shareholders' approval to raise up to Rs 66.50 billion ($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.
Key context
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 time this 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 specifiying a date, giving the company flexibility to tap public markets at an opportune time.
Why it's important
The news comes months after Oyo delayed its third IPO attempt amid opposition from largest shareholder SoftBank , most recently aiming to list by March 2026 at a valuation of $7 billion, Bloomberg News had reported in May.
By the numbers
The company posted a 16% year-on-year rise in revenue to Rs 62.53 billion for financial year 2025 and net profit after exceptional items increased by 6.6% to Rs 2.45 billion.
It also marked its twelfth straight EBITDA-positive quarter, driven by expansion in premium segments, integration of acquisitions and technology-led operations.