Oyo-Parent Prism Gets Shareholder Nod for $744 Million IPO: What This Means
Photo Credit: Ritesh Agarwal, CEO and founder of Prism, spoke on-stage at Skift India Summit in Delhi-NCR in March 2024. Source: Skift. Skift
Skift Take
The shareholders approval for Prism's IPO signals a company positioning itself for greater scrutiny as it transitions toward public markets, even as it retains flexibility over when, and how, it ultimately lists.
Prism, the parent company of Oyo, has received shareholder approval to raise up to INR 66.5 billion ($744 million) through a fresh issue of equity shares as part of its proposed initial public offering. Skift had earlier reported that the company has called an extraordinary general meeting (EGM) for December 20.
At the EGM, shareholders approved the proposal to pursue an IPO, giving the company flexibility to access public markets at a time of its choosing, subject to regulatory clearances and market conditions. Prism said an overwhelming majority of shareholders approved the resolutions.
The company also secured approval for a bonus issue of equity shares in the ratio of one additional share for every 19 held. The notice had fixed December 5 as the record date to determine shareholder eligibility.
Prism had earlier said the bonus
