ET reported on November 28 that Prism had called an extraordinary general meeting on December 20 to seek shareholder approval for an initial public offering to raise up to Rs 6,650 crore through fresh shares.
At the EGM, shareholders approved the proposal to undertake the IPO, subject to regulatory approvals and market conditions.
Shareholders also approved a bonus issue of equity shares in the ratio of 1 fully paid-up equity share for every 19 existing equity shares held, with December 5, 2025 fixed as the record date for determining eligible shareholders.
The resolutions were approved by an overwhelming majority of shareholders.
The EGM approvals mark an important step in PRISM’s ongoing preparations for a public listing.
Moody’s recently reaffirmed PRISM’s corporate family rating with a stable outlook and expects the company’s EBITDA to more than double to around $280 million (Rs 2,496 crore) in financial year 2026, supported through expansion of premium storefronts and continued cost efficiencies.
Oyo recorded a profit after tax (PAT) of over Rs 200 crore in quarter one of the current fiscal year, as per an email from founder Ritesh Agarwal to the company’s management committee and its shareholders sent in September.
As per the email sent by Agarwal to the company’s management committee, Oyo’s PAT more than doubled year-on-year, rising from Rs 87 crore in quarter one of fiscal year 2025.
The email mentioned that the company’s revenue grew to Rs 2,019 crore, up 47% from Rs 1,371 crore in quarter one of fiscal year 2025, and the Gross Booking Value (GBV) reached Rs 7227 crore in quarter one of fiscal year 2026, marking a 144% increase year-on-year from Rs 2966 crore in quarter one of financial year 2025. Agarwal said this was driven by both hotel openings and double-digit same store growth, premiumization and improved room utilization.
Agarwal further stated that the bottom line has been driven by ‘strong’ top-line performance in its premium brands like Townhouse hotels, Sunday hotels with disciplined cost management and a firm focus on customer experience. “Our two years of PAT profits now allow us to continue focusing on topline growth, which stands at 47% this quarter, a particularly meaningful achievement given our relatively flat topline in financial year 2024,” Agarwal said in the email.