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OYO's parent PRISM files confidential papers with SEBI, eyes $7–8 Bn valuation

EntrackrEntrackr · 13d ago
OYO's parent PRISM files confidential papers with SEBI, eyes $7–8 Bn valuation
Medial

OYO's parent PRISM files confidential papers with SEBI, eyes $7–8 Bn valuation PRISM, the parent of OYO, has filed confidential draft IPO papers with the Securities and Exchange Board of India (SEBI), according to sources aware of the development. The filing follows shareholders’ approval at an Extraordinary General Meeting (EGM) held on December 20, where the company received consent to raise up to Rs 6,650 crore through a fresh issue of equity shares. The proposed public offering is expected to value the company in the range of $7–8 billion, people familiar with the matter said. The company had initially appointed ICICI Securities, Axis Capital, Goldman Sachs, and Citibank as book running lead managers for the proposed IPO and has since added more banks to the syndicate. PRISM first initiated the IPO process in 2021 and filed offer documents with SEBI, followed by a revised filing with updated financial and operational disclosures. The company later withdrew its IPO plans amid elevated global market volatility. Since then, the company has expanded its operations across India and international markets and added to its premium portfolio through brands such as SUNDAY Hotels and Palette. It has also strengthened its overseas presence through the acquisition of US-based G6 Hospitality, the economy lodging franchisor that operates Motel 6 and Studio 6. For the quarter ended June 2025 (Q1 FY26), the company reported a net profit of over Rs 200 crore and revenue of Rs 2,019 crore. The confidential filing route has gained traction among new-age companies. Firms that have used or explored this mechanism include PhonePe, Meesho, Swiggy, Groww, PhysicsWallah, Shadowfax, Shiprocket, boAt, Aequs, Infra.Market, InCred Holdings, Zepto, and Tata Play.

Swiggy gets shareholder nod to raise Rs 10,000 Cr via QIP

EntrackrEntrackr · 1m ago
Swiggy gets shareholder nod to raise Rs 10,000 Cr via QIP
Medial

Swiggy gets shareholder nod to raise Rs 10,000 Cr via QIP Food and quick commerce major Swiggy has secured shareholder approval to raise up to Rs 10,000 crore via a Qualified Institutional Placement (QIP), opening the door to one of the largest equity raises by an internet-era company in India. The special resolution was passed at an Extraordinary General Meeting (EGM) held on December 8, after the board had cleared the proposal on November 7. According to the stock exchange filing, 99.47% of votes cast were in favour of the plan. With this approval in place, the issuance can proceed as soon as this week. The Rs 10,000 crore infusion will be used to bolster Swiggy’s capital base and accelerate growth across its core food delivery business and its quick-commerce arm Instamart. With competition heating up in the instant-grocery segment, from the likes of Blinkit and Zepto, Swiggy needs a substantial war chest for warehousing, dark stores, logistics, and customer acquisition. At the current trading price, the fresh issue could result in over 10% equity dilution for existing shareholders. This marks Swiggy’s first major capital raise since its IPO in November 2024, when it raised roughly Rs 4,500 crore. Recently, Swiggy reported that its losses widened 74% year-on-year to Rs 1,092 crore in Q2 FY26, while Instamart’s revenue doubled during the same period. The company’s operating revenue surged 23% to Rs 3,760 crore in the quarter, driven by higher order frequency and quick-commerce traction. Meanwhile, the Bengaluru-based company also exited Rapido, securing Rs 2,399.5 crore and yielding over a 2.5X return on its investment made less than four years ago. With market conditions and investor demand permitting, the QIP could be launched imminently. If successful, it would provide Swiggy with the financial leverage needed to accelerate scale in both food delivery and quick commerce, though the dilution may also test the patience of existing retail investors.

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