Chandigarh, July 1 : Global hospitality technology company PRISM , has filed its Updated Draft Red Herring Prospectus-I with the Securities and Exchange Board of India . The proposed IPO comprises a fresh issue of shares of up to INR 6650 crore, with no offer for sale by existing shareholders. The company may also consider a pre-IPO placement aggregating up to INR 1330 crore prior to filing the Red Herring Prospectus with the Registrar of Companies. If undertaken, the amount raised through the pre-IPO placement will be reduced from the fresh issue.
According to the UDRHP-I, the company proposes to use INR 4987.5 crore from the net proceeds for repayment or prepayment of borrowings. The balance will be used for general corporate purposes. The shares are proposed to be listed on NSE and BSE. With the IPO structured as an entirely fresh issue, marquee existing shareholders including SoftBank’s SVF India Holdings, founder Ritesh Agarwal and RA Hospitality Holdings, Microsoft, Airbnb, Khazanah, A1 Holdings., Star Virtue Investment, Global Ivy Ventures, Lightspeed, Greenoaks Capital and Peak XV are not selling shares through the proposed public issue.
In the papers filed, PRISM describes itself as, a technology driven hospitality platform has scaled into a global multi-brand platform across hotels, vacation homes, extended-stay properties and listings. PRISM’s “India for the World” model is built around using a common technology and operating layer across markets, while localising customer-facing experiences and supply partnerships.
The filing shows PRISM combining scale with improved profitability. For the nine months ended December 31, 2025 , the company reported revenue from operations of ₹6,941 crore, surpassing the company’s full-year FY25 revenue of ₹6259 crore by 11.0%. PRISM reported a profit after tax of ₹748 crore for 9MFY26 compared with ₹245 crore in FY25.
EBITDA stood at ₹2127 crore for 9MFY26, compared with ₹953 crore in FY25. EBITDA excluding exceptional items, share-based payment expense and other income stood at ₹1968 crore for 9MFY26, 80% higher than the full FY25 figure of ₹1095 crore, even without annualising the nine-month period.
The company operates 43 brands across more than 35 countries. As of December 31, 2025, its network comprised 24,303 hotels, 124,668 homes and 144,583 listings, including 14,937 storefronts in India. Since its inception in 2012, the company has served 119.36 million unique customers with ~68% direct demand. . In India, PRISM has been expanding its company-serviced hotel business These are hotels where the company has greater operational involvement through leasing or management service arrangements, allowing it to have more control over service standards, brand experience and customer delivery. India company-serviced hotel storefronts increased to 1,573 as of December 31, 2025, from 1,053 as of March 31, 2025. India company-serviced hotel’s Gross Booking Value stood at ₹1346.45 crore for 9MFY26 already about 65% higher than the full FY25 figure of ₹818.23 crore. Company-serviced hotels contributed 49.29% of PRISM’s India GBV. The company has been expanding this model under brands such as Sunday, Palette, Clubhouse, Townhouse & Townhouse Oak.
PRISM’s US business has become one of the biggest drivers of scale after the acquisition of G6 Hospitality, which operates the Motel 6 and Studio 6 brands in the US and Canada.
US business GBV stood at ₹12,022.51 crore for 9MFY26. This was about 155% higher than the full FY25 US GBV of ₹4712.83 crore. The US contributed 52.39% of PRISM’s global GBV during the nine-month period. The G6 acquisition gives PRISM a stronger presence in the North American economy and extended-stay hotel segments, while also adding a royalty and franchise-led revenue stream through the Motel 6 and Studio 6 brands.
PRISM has also built scale in Europe through homes and listings. Its Europe homes & listings increased to 269,251 as of December 31, 2025, from 208,901 as of March 31, 2025. The company’s European homes and listings business includes brands such as Belvilla, DanCenter and CheckMyGuest.Despite this scale, the filing says PRISM has captured less than 1% of the European homes market, giving significant headroom in a large and fragmented market.
PRISM has built a sizable direct customer engine across its apps, websites, corporate channels, travel agent channels, call centres and walk-ins. For 9MFY26, 67.6% of stays came through direct-to-consumer channels. Repeat demand stood at 61.8% during the same period. PRISM’s loyalty ecosystem includes OYO Wizard and My6 app. As of December 31, 2025, the company had 19.07 million OYO Wizard members and 7.4 million My6 members, taking the total loyalty member base to 26.4 million. In India itself, OYO Wizard had 16.7 million members making it the largest loyalty programme by number of subscribers among those run by leading travel brands in India.
S&P Global Ratings revised PRISM‘s outlook to Positive while affirming its ‘B’ issuer credit rating, citing improving profitability, stronger cash generation, and the transformative impact of the proposed IPO on the balance sheet. The agency noted consistent operating momentum with EBITDA growing at a compound annual rate exceeding 45% between FY24 and FY26, with margins expected to approach 30% over the coming years as the company benefits from scale, operational efficiencies, and premiumization of its offerings.
On June 4, the Delhi bench of ITAT struck down a Rs 3,885 crore tax demand on PRISM, ruling that share premium from compulsorily convertible preference shares issued to its parent could not be taxed as income under the Angel Tax provision. The tribunal found that the valuation was conducted by RBI-approved valuers using proper methodology, and tax authorities lack jurisdiction to override registered valuers’ assessments. The ruling clears a material overhang for PRISM ahead of its IPO and sets precedent for other startups similarly targeted by this now-repealed provision.