Prism Hotels and Resorts Files IPO

Prism Hotels and Resorts, the parent company of OYO, has filed updated draft papers with the India — Securities and Exchange Board of India for a Rs 6,650 crore initial public offering. The IPO will consist entirely of a fresh issue of shares, with no offer-for-sale by existing shareholders like SoftBank Group, Ritesh Agarwal, Microsoft, and Airbnb. Prism Hotels and Resorts plans to use a significant portion of the proceeds, Rs 4,987.5 crore, to repay or prepay borrowings, with the remainder for general corporate purposes. This move follows a strong improvement in the company's financial performance, with revenue from operations reaching Rs 6,941 crore and profit after tax at Rs 748 crore for the first nine months of FY26. The company has also seen expansion in its India company-serviced hotel business and significant growth in its United States operations following the acquisition of G6 Hospitality. S&P Global Ratings revised Prism Hotels and Resorts' outlook to 'Positive', and a major tax demand against the company was quashed by the India — Income Tax Appellate Tribunal, further clearing the path for its public listing.