Hospitality brand Oyo's parent company Prism has secured clearance from Sebi (Securities and Exchange Board of India) for its IPO, through which it plans to raise Rs 6,650 crore in fresh capital, according to sources. The company is expected to file its updated draft red herring prospectus (DRHP) within the next six to eight weeks, one of the sources said.
The company had confidentially filed its draft IPO (initial public offering) papers in December, marking its third attempt to go public. Sebi had returned its first IPO application in 2021, asking the company to refile with updated financials . Oyo subsequently submitted a revised application for a significantly smaller issue. While the Gurugram-based company had initially proposed a $1.2-billion IPO, its latest confidential filing is for an issue that is 40-60% smaller.
