Key facts
- Prism Hotels, parent of Oyo, received Sebi approval for its IPO.
- The IPO is valued at Rs 6,650 crore.
- The company is targeting a valuation of $7-8 billion.
- Funds will be used for expansion and strengthening the balance sheet.
Prism Hotels, the parent company of the hospitality firm Oyo, has received approval from the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The IPO is set to raise Rs 6,650 crore. The company is aiming for a valuation in the range of $7 to $8 billion. Prism Hotels intends to utilize the capital raised from the IPO to fund its expansion initiatives and to bolster its balance sheet, thereby supporting its strategic objective of achieving profitability. This move marks a significant step for Oyo's parent company as it prepares to enter the public markets.