Prism, the parent company of OYO Hotels, has filed for a confidential initial public offering (IPO) in India, a company spokesperson confirmed.
A source close to the matter told Reuters that the company is looking for a valuation between $7 billion and $8 billion.
Prism, which is backed by SoftBank, received shareholder approval for the move late last month.
This marks OYO’s third attempt to file an IPO, having first filed with the Securities and Exchange Board of India (SEBI) in 2021. At the time, the company was looking to raise roughly $1.2 billion, primarily by issuing fresh shares as well as some existing shares. The company withdrew and refiled in 2023 before withdrawing again the following year.
OYO's move is part of a broader wave of IPO developments.
Travelstack Tech Limited, operator of hotel-focused corporate travel management platform TravelPlus, also filed a draft red herring prospectus with SEBI for an IPO last month. In November, Asia-based experiences platform Klook took its first step towards an IPO by filing a form F-1 with the U.S. Securities and Exchange Commission.
Business travel and expense management platform Navan announced its IPO in October, planning to list on the Nasdaq under the symbol “NAVN.” Following the news, the company shared positive third quarter results in December, calling it a "strong debut," and announced that CFO Amy Butte will step down as of January 9. The company, previously known as TripActions, considered going public in 2022 but ended up shelving plans.