How the Proceeds Will Be Used
According to the filing, the company intends to deploy ₹4,987.5 crore of the net proceeds toward the repayment or prepayment of outstanding borrowings, with the remaining balance earmarked for general corporate purposes. This allocation means a significant majority of the funds raised will go towards strengthening the company's balance sheet rather than funding new expansion.
Financial Performance of PRISM
The IPO filing follows a marked improvement in PRISM's financial results. For the nine months ended December 31, 2025, the company reported revenue from operations of ₹6,941 crore, a figure that already exceeded its entire FY25 revenue of ₹6,259 crore. Net profit for the same nine-month period stood at ₹748 crore, compared with ₹245 crore for the full FY25. EBITDA more than doubled to ₹2,127 crore from ₹953 crore a year earlier, while adjusted EBITDA, which excludes exceptional items, share-based payments, and other income, rose 80% to ₹1,968 crore.
Business Footprint and Growth Drivers
PRISM operates 43 brands across more than 35 countries, spanning hotels, vacation homes, extended-stay properties, and online listings. As of December 31, 2025, its network comprised 24,303 hotels, 124,668 homes, and 144,583 listings, having served over 119 million unique customers since the company's inception.
In India, the organisation has increased its number of company-serviced hotels from 1,053 to 1,573 between March 2025 and December 2025. In the first nine months of FY26, GBV from these hotels was ₹1,346 crore, and this figure is already about 65% higher than the FY25 figure. Company-serviced hotels contribute about half of the GBV of India in this period.
Internationally, the acquisition of G6 Hospitality, which owns the Motel 6 and Studio 6 brands, has become a significant contributor to growth. The US business generated ₹12,022 crore in GBV during the first nine months of FY26, roughly 155% higher than the full FY25 level, and now contributes more than 52% of the company's global GBV. The European business also expanded, with homes and listings rising to 269,251 from 208,901 at the end of FY25, though the company noted it has captured less than 1% of the fragmented European homes market.
Customer Engagement of PRISM
The filing also pointed to improving customer engagement metrics, with 67.6% of stays coming through direct booking channels and repeat demand at 61.8%. PRISM's loyalty programmes now have 26.4 million members combined, comprising 19.07 million OYO Wizard members and 7.4 million from 6 members.
Key Risks Factors
Despite the improved financial performance, the draft prospectus outlines several risks. The company continues to carry significant borrowings, which is reflected in its decision to direct nearly three-fourths of the IPO proceeds towards debt repayment.
It also remains exposed to macroeconomic conditions and travel demand trends across its key markets, particularly the US and Europe, which together account for a substantial share of its overall business. As this will be the company's first public issue, there is no prior trading history for its shares, and consequently, no assurance regarding the existence of an active post-listing market or the price at which shares may trade once listed.
