OYO IPO 2026: Date, Price Band, GMP & Review — Ritesh Agarwal's Hospitality Giant Finally Lists?

🔴 BREAKING — June 30, 2026: PRISM (OYO's parent) has filed its Updated DRHP (UDRHP-1) publicly with SEBI, after clearing the regulator's review in early June. The filing is now open for public comments for 21 days, ahead of the final RHP and price band. Listing target remains H2 2026. This is OYO's third IPO attempt after withdrawing twice (2021, 2024).

By IPOMarket Editorial Team · Last reviewed: July 2026

Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.

Few Indian startup IPOs have been waited on, and delayed, as long as OYO's. After two withdrawn DRHP filings in October 2021 and May 2024, the hospitality company led by Ritesh Agarwal has now cleared its biggest regulatory hurdle. SEBI issued its observation letter in early June 2026 (dated June 5), and on June 30, 2026 the company filed its Updated DRHP (UDRHP-1) publicly. The listing entity is PRISM, the renamed parent holding company that used to be called Oravel Stays, and the issue is structured as a 100% fresh issue of ₹6,650 crore at a target valuation of $7-8 billion.

This review covers what retail investors need to know: the SEBI approval and the UDRHP filing, the corporate restructuring into PRISM, the full filing history across three attempts, the FY25 and 9M FY26 financials, the Motel 6 US story, the Ajay Tyagi governance signal, the valuation reset from the 2021 peak, and the risks that still apply.

OYO IPO: Key Details at a Glance

Note: Issue size, structure and BRLMs are per the UDRHP-1 filed on June 30, 2026. The per-share price band will be set at the final RHP stage and is not yet public.

SEBI approval: what it means and what happens next

SEBI's observation letter, its NOC, is the green light that lets a company proceed toward a public issue. PRISM filed its draft papers confidentially with SEBI on December 31, 2025, and received the regulator's go-ahead in early June 2026 (the observation letter is dated June 5).

The confidential pre-filing route, the same one Tata Play and others have used, keeps the draft prospectus private during SEBI's review. With the review cleared, PRISM filed its UDRHP-1 (Updated Draft Red Herring Prospectus) publicly on June 30, 2026. It now stays open for public comments for 21 days. After that, the company files the final RHP with the price band and opens the subscription window. On this timeline, that points to a listing in the second half of 2026, market conditions permitting.

So the IPO is not live yet. There is no subscription date, price band, or GMP at this stage. What has changed is that the regulatory uncertainty that sank the first two attempts is behind the company, and the public UDRHP now puts the detailed disclosures — financials, debt, and use of proceeds — in front of investors.

PRISM vs OYO: the corporate structure

A common point of confusion: the IPO is for PRISM, not "OYO" directly.

PRISM is the parent holding company. It was renamed from Oravel Stays in September 2025, and it is the legal entity filing for the IPO and the one that will be listed. OYO is the consumer brand and operating business that sits under PRISM, alongside the company's other brands.

So when the shares list, the ticker belongs to PRISM, with OYO as its flagship brand. The rebrand reflects the company positioning itself as a multi-brand hospitality platform rather than a single budget-hotel label.

OYO IPO timeline: three attempts in five years

The repeated filings and withdrawals were, for years, a credibility problem. The 2026 attempt is the first to clear SEBI, and it arrives with a stronger financial story and a cleaner governance setup than either earlier try.

IPO structure: a 100% fresh issue

One detail sets this issue apart from most large startup IPOs: it is a 100% fresh issue with no offer-for-sale (OFS) component.

That means the entire ₹6,650 crore flows into the company, earmarked for growth and balance-sheet uses, rather than into the pockets of selling shareholders. No promoter or early investor is selling at the IPO. For a company that has carried investor-exit pressure in its narrative for years, especially around SoftBank, a no-OFS structure is a meaningful signal: existing backers are choosing to hold rather than cash out at listing. It does mean the much-discussed SoftBank overhang is deferred to post-lock-in selling rather than resolved at the IPO.

The UDRHP puts numbers to where the money goes: about ₹4,987.5 crore of the proceeds, roughly three-quarters of the issue, is earmarked for repaying or prepaying debt, with the balance for general corporate purposes. The filing also flags a possible pre-IPO placement of up to ₹1,330 crore; if it goes ahead, the fresh issue would be reduced accordingly. Directing the bulk of the raise at the ₹7,000+ crore debt pile is the clearest signal yet that deleveraging, not expansion capital, is the immediate priority.

Financial performance: revenue and profit trajectory

OYO's turn from a decade of losses to sustained profit is the core of the equity story. Recent figures:

One caveat on the FY25 profit figure: sources cite different numbers. The reported PAT is ₹623 crore, but on an adjusted basis it was around ₹245 crore. The gap reflects deferred tax credits and one-time items. On a pre-tax adjusted basis, the company actually ran a loss of roughly ₹489 crore in FY25. Read the UDRHP's reconciliation carefully rather than anchoring on the headline reported figure.

9M FY26: profit nearly triples

The clearest evidence of the turnaround came with the UDRHP. For the nine months to December 2025 (9M FY26), PRISM reported revenue of ₹6,941 crore and PAT of ₹748 crore. That profit is already ahead of any full year the company has posted, and close to triple the ₹244.82 crore adjusted profit it managed across all of FY25. Nine months of FY26 earned roughly three times what twelve months of FY25 did on a comparable adjusted basis. This is the profitability turn made concrete, and it is the figure the IPO pitch will lead with.

Q1 FY26: the strongest quarter yet

The most recent quarter shows the momentum the company will lean on in its pitch:

• PAT: ₹200+ crore (versus ₹87 crore in Q1 FY25, about +130% YoY)
• Revenue: ₹2,019 crore (+47% YoY)
• EBITDA: ₹550 crore
• Gross Booking Value: ₹7,227 crore (+144% YoY)

The company points to 12 consecutive profitable quarters as evidence that the profit is structural, not a one-off.

Business scale and the Motel 6 / G6 story

OYO today runs roughly 24,303 hotels and 124,668 homes across 35+ countries, spanning budget to premium under brands that include OYO, Townhouse, Sunday Hotels, Palette, and, in the US, Motel 6 and Studio 6.

The US footprint came via the $525 million acquisition of G6 Hospitality, the owner of Motel 6 and Studio 6, completed in the run-up to this IPO. G6 is a cash-generative, recognisable American brand, and it is central to the company's argument that it is now a global hospitality platform rather than an India-only budget aggregator. The tilt is stark on the numbers: post-acquisition, the US alone accounts for about 52% of gross booking value, and roughly 84% of revenue now comes from outside India. OYO is, on paper, no longer primarily an Indian business, a framing that cuts both ways for domestic investors. At home, the premium push is expanding from 124 cities toward 300+ cities by FY26.

The flip side: integrating a large US motel operator is a real execution risk. Motel 6 sits in a competitive, mature market with different economics from OYO's asset-light Indian franchise model, and integration missteps would feed straight into the consolidated numbers the IPO is being priced on.

Governance: Ajay Tyagi joins the board

In May 2026, the company appointed Ajay Tyagi, SEBI Chairman from 2017 to 2022, as an Independent Director. Bringing a former markets regulator onto the board just ahead of a public issue is a deliberate credibility move. After two filings that stumbled partly on governance and disclosure questions, the appointment is aimed at reassuring institutional investors and, arguably, the regulator itself. With the SEBI approval landing weeks later, some will read the two events as connected.

Valuation: from a $12B peak to a $7-8B target

The headline valuation reset is striking but narrower than it once was. The 2021 DRHP targeted around $12 billion. The current target is $7-8 billion (₹59,000-67,000 crore), a clear step down from the peak, though a sharp step up from the roughly $2.5 billion that circulated around the withdrawn 2023-24 attempt.

At about $7 billion, the implied price-to-sales multiple is around 10x FY25 revenue, a premium that only holds up if investors accept the "asset-light, tech-enabled hospitality platform" framing rather than valuing the company as a hotel chain. For context, Lemon Tree Hotels carries a market cap near ₹14,000 crore. It is far smaller and asset-heavy, so it is an imperfect comparison, but it shows how much of OYO's valuation rests on the platform premium and on the FY26 growth estimates holding up.

Risks and concerns

• Debt load. The company carried ₹7,000+ crore of debt by the end of FY25. A 100% fresh issue with about ₹4,987.5 crore earmarked for debt repayment helps materially, but the residual balance sheet still needs scrutiny in the UDRHP.
• Quality of FY25 profit. The ₹623 crore reported PAT included deferred tax credits and one-time gains. On an adjusted pre-tax basis the company ran a loss of about ₹489 crore. The "profitable" headline deserves a careful read.
• Valuation premium against the debt. A $7-8 billion target sitting on top of ₹7,000+ crore of debt is a combination institutional investors will test hard.
• Motel 6 integration. A large US acquisition in a mature, competitive market carries real execution risk.
• Competition. OYO faces MakeMyTrip, Airbnb, Indian Hotels (Taj) and Lemon Tree across its segments.
• Two prior withdrawals. Even with SEBI approval in hand, the history of pulled filings stays part of the track record institutions will weigh.
• SoftBank overhang, deferred. No OFS means large early backers are not selling at IPO, but lock-in expiry later could still pressure the share price.

Should you apply for the OYO / PRISM IPO?

The case is more credible than at any prior attempt. SEBI approval removes the regulatory uncertainty that killed the first two tries. The financials show genuine momentum, with 9M FY26 profit already close to triple full-year FY25. The structure is shareholder-friendly, with the full ₹6,650 crore going to the company. And the Ajay Tyagi appointment takes on the governance question directly.

The hesitations are just as real: a $7-8 billion target on about 10x sales, ₹7,000+ crore of debt, an FY25 profit that softens a lot on an adjusted basis, and a US integration still to prove out. This is a turnaround-and-platform story priced as a platform.

A sensible approach from here, with the UDRHP out and the price band still to come:

1. Read the UDRHP-1 carefully. It filed on June 30, so use the open 21-day comment window to digest the disclosures, especially the FY25 reported-versus-adjusted reconciliation, the ₹4,987.5 crore debt-repayment plan, and the debt schedule.
2. Watch the FY26 trajectory. 9M FY26 was strong. Confirm the run-rate holds through Q4 before extrapolating to the FY26E estimates the valuation leans on.
3. Judge the price band against about 10x sales and decide whether the platform premium is justified for you.
4. Size it conservatively. Given the risk profile, treat it as a satellite allocation, not a core holding.
5. Verify your application with the IPO allotment checker after subscription.

This analysis is educational and not investment advice. Track the live GMP tracker and subscription data once the issue opens, and read the RHP before deciding.

How to apply for the OYO / PRISM IPO

Once the issue opens for subscription, you can apply through any SEBI-registered broker:

• Zerodha →: IPO module in Console
• Upstox →: Discover → IPO
• Angel One →: IPO section
• Groww →: IPO discovery

If you do not have a demat account, open a free demat account before the issue opens. Track your applications across brokers with our IPO portfolio tracker, and watch upcoming IPOs in 2026 for the confirmed subscription dates. For another name in the 2026 pipeline, see our review of the Swara Baby Products IPO, the FirstCry-backed hygiene manufacturer that has just filed its DRHP.

Frequently asked questions

When is the OYO IPO date? There is no subscription date yet. SEBI issued its observation letter in early June 2026 (June 5), and PRISM filed the public UDRHP-1 on June 30, 2026. That opens a 21-day comment window, after which the company files the final RHP with the price band. On this timeline the listing is targeted for H2 2026.

What is PRISM, and how is it related to OYO? PRISM is the parent holding company that is filing for the IPO and will be the listed entity. It was renamed from Oravel Stays in September 2025. OYO is the consumer brand and operating business that sits under PRISM.

Is the OYO IPO a fresh issue or an OFS? It is a 100% fresh issue of ₹6,650 crore with no offer-for-sale. The entire amount goes to the company, and no promoter or early investor is selling at the IPO.

What will OYO do with the IPO money? About ₹4,987.5 crore of the ₹6,650 crore is earmarked for repaying or prepaying debt, with the rest for general corporate purposes. The UDRHP also flags a possible pre-IPO placement of up to ₹1,330 crore, which would reduce the fresh issue accordingly.

What happened to the previous OYO IPO attempts? OYO filed its first DRHP in October 2021 at a roughly $12 billion target, and SEBI returned the papers in January 2023. A smaller refile in April 2023 was withdrawn in May 2024, citing material structural changes. The 2026 attempt, under the PRISM name and filed confidentially in December 2025, is the first to clear SEBI.

What is the OYO IPO valuation in 2026? The target is $7-8 billion (₹59,000-67,000 crore), down from the roughly $12 billion peak targeted in 2021 but well above the roughly $2.5 billion discussed around the withdrawn 2023-24 attempt.

Is OYO profitable now? FY25 reported PAT was ₹623 crore on revenue of ₹6,253-6,463 crore, though adjusted PAT was around ₹245 crore and the company ran a pre-tax adjusted loss of about ₹489 crore. For 9M FY26 it reported revenue of ₹6,941 crore and PAT of ₹748 crore, close to triple the FY25 adjusted profit and its strongest showing to date.

What is OYO IPO GMP today? Grey market premium is only quoted once an IPO is formally announced with a price band, which has not happened yet. Track it on our live IPO GMP tracker as the issue nears.

Last reviewed: July 2026 by IPOMarket Editorial Team. We update this article as OYO / PRISM moves from its June 30 UDRHP filing toward an H2 2026 listing. Bookmark this page or subscribe to IPO alerts.