Prism Prepares India IPO to Raise Up to $692 Million

Oyo-parent Prism is preparing to go public in India to raise up to INR 6.6 billion, equivalent to $692 million, showcasing a corporate entity that looks vastly different from the marketplace startup known to investors five years ago according to its latest annual report.

The integration of Motel 6 and G6 Hospitality now accounts for nearly half of the group's gross booking value. While India functions as the core technology and operational engine behind the platform, Prism has evolved beyond its original marketplace model to take greater direct control over hotel operations, particularly in the premium segment.

Financially, Prism delivered robust results with consolidated revenue rising 50% to INR 94 billion or $980 million. EBITDA more than doubled to INR 26 billion or $272 million, and profit after tax reached INR 10 billion or $105 million, marking the company's fourth consecutive year of positive consolidated EBITDA.

The annual report outlines three distinct structural shifts shaping the enterprise: the U.S. market becoming the center of gravity, India acting as the centralized global engineering headquarters, and the company transitioning toward a company-serviced model.