Upcoming IPO, Dec. 24 -- Oyo's parent company PRISM has received shareholders' approval to raise up to Rs.6,650 crore via a fresh equity issuance as part of its planned initial public offering (IPO), according to a regulatory filing released on Tuesday.

The budget hotel aggregator initially filed for an IPO in 2021, seeking a valuation of up to $12 billion. However, the company revived its listing plans in March 2023 through a confidential filing to the market regulator, but postponed the offering for the third time in May this year, having chosen to raise debt instead over the past few years.

At the EGM held on Saturday, shareholders of Prism-formerly Oravel Stays-approved a proposal to proceed with an IPO without setting a timeline, a...