Oyo Hotels owner Prism has halved its proposed IPO size to 33.5 billion rupees, a filing showed on Thursday. The SoftBank-backed company previously planned to raise 66.5 billion rupees. After many delays since 2021, the firm now hopes to revive its listing plans in a busy Indian market year.
Synopsis
Prism, the company behind Oyo Hotels, has slashed its initial public offering (IPO) size from 66.5 billion to 33.5 billion rupees. Initially aiming for a lofty $12 billion valuation back in 2021, Prism has encountered a series of delays, including a confidential filing in March 2023 and its third postponement in May.
Indian budget hotel chain Oyo Hotels' parent, Prism, has nearly halved the size of its proposed initial public offering, a filing showed on Thursday, as the company looks to revive its long-delayed listing plans.
Here are details:
The SoftBank-backed company plans to sell a fresh issue of shares worth 33.5 billion rupees ($354.65 million).
Prism first filed for an IPO in 2021, seeking a valuation of up to $12 billion, but has repeatedly delayed its listing.
The company revived plans in March 2023 with a confidential filing before postponing the offering for a third time in May. It turned to debt financing in the intervening years.
Prism filed an updated draft red herring prospectus in June, saying it planned to raise 66.5 billion rupees through a fresh share issue.
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The potential listing would add to an already busy year for India's IPO market, with Jio Platforms' ongoing offering and a slate of others set to make it a record year for the primary domestic market.
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