Prism, the parent company of OYO Hotels, has taken a decisive step toward going public by filing confidential draft IPO papers with India’s markets regulator just days before the start of 2026. The move marks the company’s most concrete progress toward a listing after years of delays, withdrawals, and shifting market conditions, and signals renewed confidence in the outlook for both the business and the broader travel sector.
According to people familiar with the matter, Prism is targeting a valuation in the range of $7 billion to $8 billion and plans to raise up to INR 66 billion through the offering. The filing was made using the confidential pre-filing route, a process that allows companies to seek regulatory feedback while maintaining flexibility over timing, structure, and market conditions. This approach has become increasingly popular among large issuers seeking to avoid public scrutiny until they are confident in their readiness to proceed.
If completed, Prism’s IPO would rank as the largest listing ever by an Indian travel company, underscoring the scale OYO has achieved since its founding as a budget accommodation platform. The company’s decision to file now comes after receiving shareholder approval late last year, including backing from major investor SoftBank, which had previously expressed reservations during earlier listing attempts.
This marks Prism’s third attempt to go public. The company first filed for an IPO in 2021 with ambitious fundraising goals, only to withdraw amid regulatory questions and market volatility. A second attempt followed in 2023, which was also shelved as valuations in the global tech and travel sectors came under pressure. The latest filing suggests Prism believes conditions are stabilizing, even if the final launch timeline remains fluid.
The renewed IPO push comes as several travel and travel-tech companies move closer to public markets. Corporate travel platforms, experience booking companies, and expense management firms have all signaled IPO ambitions over the past year, reflecting investor interest in travel businesses with clearer paths to profitability and scale. For Prism, the confidential filing allows it to position itself within this broader momentum while avoiding the risks of committing to a fixed launch date.
For the Indian travel industry, Prism’s filing is symbolically significant. A successful listing would not only validate OYO’s long-term strategy after years of restructuring but also set a benchmark for future travel-related IPOs in the country. While questions remain around valuation, profitability, and market appetite, the confidential filing keeps Prism firmly in the IPO race and signals that, after years of missed windows, the company is once again serious about becoming a public market player.