By Nayra Roy 
After three attempts, several withdrawn filings, and years of financial restructuring, OYO’s moment may have finally arrived.
On June 2, 2026, PRISM the parent company of global travel-tech unicorn OYO received regulatory approval from SEBI to proceed with its initial public offering. The proposed issue size is ₹6,650 crore, and the company is targeting a valuation of $7 to $8 billion. If it gets there, it will be the largest public offering in India’s travel sector history.
For anyone who has followed OYO’s turbulent decade-long journey from breakneck global expansion to near-collapse to careful rebuilding this moment carries weight beyond the numbers.
A Long Road to Dalal Street
This is PRISM’s third attempt at going public. The company first filed for an ₹8,430 crore IPO back in 2021 at a reported valuation of up to $12 billion. SEBI returned the draft papers in 2022 seeking updated disclosures. Then came the Russia-Ukraine conflict, global market volatility, and a sharp pullback in appetite for loss-making tech companies. The listing quietly died.
The second attempt followed in late 2025, when PRISM filed its draft prospectus confidentially with SEBI a route that allows companies to work through regulatory questions privately before going public. Shareholders had approved plans to raise up to ₹6,650 crore at an EGM in December 2025. SEBI’s nod arrived on June 2, 2026, and the company plans to file its Updated Draft Red Herring Prospectus (UDRHP-1) in early July, which will then be open for public comment for 21 days.
The Financials Tell a Turnaround Story
What makes this attempt different from the previous two is the financial picture. OYO’s net profit rose 7% to ₹244.8 crore in FY25 from ₹229.6 crore the prior year, while revenue grew 16% year-on-year to ₹6,252.8 crore. Founder Ritesh Agarwal told employees in May that based on unaudited numbers, profit had surged 172% year-on-year to ₹623 crore in FY25 a claim that, if validated by auditors, gives the IPO a credible profitability narrative.
This matters enormously. The 2021 filing failed partly because OYO was deeply unprofitable at a time when public market investors were beginning to scrutinize unit economics aggressively. The company that is now approaching Dalal Street is structurally different leaner, more focused, and profitable.
What OYO Looks Like in 2026
The OYO that investors will evaluate is not the same company that was synonymous with aggressive global overreach. Post-restructuring, PRISM has sharpened its portfolio. It has expanded its premium hotel brands SUNDAY Hotels and Palette moved further into religious and pilgrimage tourism, and made a significant international bet by acquiring G6 Hospitality, the operator of Motel 6 and Studio 6, giving it a meaningful foothold in the US budget travel market.
Former SEBI Chairman Ajay Tyagi joined PRISM’s board as an Independent Director in May 2026 a governance signal that has been read positively by institutional investors. The company has also appointed a strong syndicate of investment banks including ICICI Securities, Axis Capital, Goldman Sachs, and Citibank to manage the offering.
Why This Listing Matters Beyond OYO
The OYO IPO is not just a company story it is a test case for India’s startup ecosystem. A successful listing would send a powerful signal: that Indian new-age internet companies, even those with complicated histories, can build their way to public market credibility.
The IPO pipeline for Indian startups in 2026 is robust. In the year so far, 73 IPOs have taken place in India, against 324 for the full year of 2025. If OYO can land its listing cleanly and hold its valuation post-listing, it creates a template for other consumer-internet unicorns watching from the sidelines.
For Indian founders building today, the OYO journey messy, humbling, and ultimately persistent may be the most instructive case study in the ecosystem. The companies that survive long enough to be right eventually get their moment.
OYO’s may have arrived.
Tags: OYO IPO, PRISM, Ritesh Agarwal, SEBI, Indian Startup IPO 2026, Travel Tech, Hospitality Startup, Unicorn Listing, Dalal Street Author CTA: Follow Flairius News for sharp takes on AI, startups, and the future of business in India and beyond — flairiusnews.com
Raghav Sharma