Hospitality technology company Prism, the parent of OYO, has filed updated draft papers with markets regulator Sebi to raise Rs 6,650 crore through an initial public offering (IPO), comprising entirely a fresh issue of shares.
The company has not included any offer-for-sale (OFS) component in the proposed public issue, meaning existing shareholders, including SoftBank's SVF India Holdings, founder Ritesh Agarwal, RA Hospitality Holdings, Microsoft, Airbnb, Khazanah, Lightspeed, Greenoaks Capital and Peak XV, will not dilute their holdings through the IPO.
According to the Updated Draft Red Herring Prospectus (UDRHP) filed on Tuesday, Prism may also undertake a pre-IPO placement of up to Rs 1,330 crore before filing the Red Herring Prospectus (RHP).
If completed, the amount raised through the fresh issue will be reduced accordingly.
The company plans to utilise Rs 4,987.5 crore from the net proceeds towards repayment or prepayment of borrowings, while the remaining funds will be used for general corporate purposes.
