Synopsis: OYO parent PRISM Hotels and Resorts has filed for a ₹6,650 crore IPO. Here’s everything investors should know, including its financials, business, and listed competitors.
Oravel Stays Limited is launching its Initial Public Offering (IPO) to raise funds for debt repayment and corporate purposes. The IPO comprises a fresh issue of equity shares aggregating up to Rs. 6,650 crore. There is no Offer for Sale component in the issue. The company may also consider a pre-IPO placement of up to Rs. 1,330 crore before filing the Red Herring Prospectus. The price band, issue dates, and listing schedule are yet to be announced.
Company Overview
PRISM Hotels and Resorts Limited, the parent company of OYO, was incorporated in 2012. The company operates a technology-driven hospitality platform that connects hotel and home owners with travellers looking for affordable and convenient short-stay accommodation. It follows an asset-light business model by partnering with property owners instead of owning hotels. The company provides branding, technology, marketing, pricing, and operational support to improve occupancy and revenue.
The company operates through its Hotels, Homes, and Listings businesses. It earns revenue from hotel bookings, franchise royalties, revenue-sharing arrangements, commissions, subscription services, and other value-added offerings. Its digital platform helps customers discover, compare, and book accommodation while enabling partners to manage their properties more efficiently. The company also offers vacation homes, serviced apartments, and event-related hospitality services across different markets.
Founded in India, OYO has expanded its operations to more than 35 countries. As of December 31, 2025, the platform included over 24,000 hotels and 1,24,668 homes worldwide. Its portfolio features well-known hospitality brands such as OYO, Sunday, Townhouse, Palette, Motel 6, Studio 6, Belvilla, and DanCenter. The company continues to strengthen its global presence by using technology, strategic acquisitions, and an asset-light expansion strategy.
Promoters of Oravel Stays Limited
The promoters of the company are Ritesh Agarwal, RA Hospitality Holdings (Cayman), and SVF India Holdings (Cayman) Limited. The promoter group brings extensive experience in hospitality, technology, and global investments. Their leadership has helped the company expand across domestic and international hospitality markets.
There is no Offer for Sale component in the IPO. Therefore, no promoter or investor shareholder is selling shares through the issue. The entire IPO consists of a fresh issue of equity shares.
Lead Managers of Oravel Stays Limited IPO
The Book Running Lead Managers include Axis Capital, Citigroup Global Markets India, Goldman Sachs India Securities, ICICI Securities, InCred Capital Wealth Portfolio Managers, Intensive Fiscal Services, JM Financial, and SBI Capital Markets. MUFG Intime India Private Limited is acting as the registrar to the issue
Objectives of the IPO Offer
Oravel Stays Limited plans to utilize the IPO proceeds for two primary objectives. The company will invest in Oravel Stays Singapore Pte. Ltd. to repay or prepay certain borrowings. The remaining proceeds will support general corporate purposes. The listing is also expected to improve the company’s visibility, brand recognition, and financial flexibility.
Oravel Stays Limited vs Peers
Oravel Stays Limited reported revenue from operations of Rs. 6,252.83 crore in FY2025. The company reported a basic EPS of Rs. 0.18, a diluted EPS of Rs. 0.17, and a Return on Net Worth (RoNW) of 5.18 percent. Its net asset value (NAV) per share stood at Rs. 3.20, reflecting its current book value.
Among its listed peers, TBO Tek Limited reported revenue from operations of Rs. 17,374.73 crore, with a basic EPS of Rs. 21.73, a RoNW of 19.24 percent, and a NAV of Rs. 111.66. Lemon Tree Hotels Limited reported revenue of Rs. 12,860.78 crore, a basic EPS of Rs. 2.48, a RoNW of 19.56 percent, and a NAV of Rs. 12.69.
The Indian Hotels Company Limited reported the highest revenue among the peers at Rs. 83,345.40 crore, along with a basic EPS of Rs. 27.79, a RoNW of 17.16 percent, and a NAV of Rs. 78.09. ITC Hotels Limited reported revenue of Rs. 35,598.10 crore, a basic EPS of Rs. 3.05, a RoNW of 5.94 percent, and a NAV of Rs. 51.33. Compared with its peers, Oravel Stays has a smaller revenue base and lower profitability ratios, while continuing to focus on improving operational performance and expanding its technology-driven hospitality platform.
Financial Analysis of Oravel Stays Limited
Coming into financial highlights, Oravel Stays Limited’s consolidated revenue from operations has increased from Rs. 5,388.79 crore in FY24 to Rs. 6,252.83 crore in FY25, which represents a growth of 16.03 percent. The company’s net profit has also grown by 6.64 percent from Rs. 229.58 crore in FY24 to Rs. 244.82 crore in FY25. In the 9 months of FY26, Oravel Stays Limited has reported a consolidated revenue from operations of Rs. 6,940.97 crore and a net profit of Rs. 748.34 crore.
Conclusion
Oravel Stays Limited IPO offers investors exposure to a leading global hospitality technology platform. The company benefits from an asset-light business model, international presence, and technology-driven operations. The IPO proceeds will strengthen its balance sheet through debt reduction. Investors should evaluate the company’s financial performance, competitive landscape, and industry risks before making an investment decision.
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