PRISM, the holding company behind budget hospitality platform OYO, has filed updated draft red herring papers with India's Securities and Exchange Board, seeking to raise up to Rs 6,650 crore in what would be one of the year's larger technology-sector public listings — and the company's most serious attempt yet at going public after several years of on-again, off-again IPO plans.
OYO's path to the public markets has been unusually long and turbulent even by the standards of India's startup ecosystem. The company, founded by Ritesh Agarwal, first filed draft papers with SEBI back in 2021 at the height of a global boom in technology listings, targeting a valuation in the tens of billions of dollars. Those plans were shelved as public technology valuations corrected sharply through 2022, and OYO subsequently withdrew and refiled its papers more than once as it worked to demonstrate a credible path to sustained profitability — a bar that has become far more central to how Indian regulators, bankers and public investors assess consumer internet listings than it was during the 2021 filing wave.
The renewed DRHP arrives after OYO reported improved financial performance over recent fiscal years, with the company having pivoted its narrative from pure growth to profitable, more disciplined expansion across its budget hotel, vacation rental and franchise businesses in India and international markets including Southeast Asia and Europe.
The refiling also lands in the same week that several other Indian consumer and industrial names — including appliance maker Atomberg and hygiene products manufacturer Nobel Hygiene — separately filed their own DRHPs, contributing to what bankers have described as a renewed, if still selective, appetite for Indian IPOs in the second half of 2026. Unlike the 2021 wave, which was dominated by loss-making internet platforms racing to list before investor sentiment turned, the current cycle appears to favour companies, including OYO under its PRISM structure, that can point to a clearer trajectory toward profitability alongside continued growth.
Whether PRISM's renewed filing translates into an actual listing this time will depend heavily on SEBI's review timeline, prevailing market conditions when the offer eventually opens, and the price band the company and its bankers ultimately set relative to OYO's last private valuation. For a company that has already tested public-market patience once before, the Rs 6,650 crore filing represents both an opportunity to close a long chapter of listing uncertainty and a reminder of how much scrutiny Indian consumer internet IPOs now face compared to the more permissive environment of 2021.
