Oravel Stays Limited - the company behind the well-known hospitality brand OYO - is one of India's leading technology-enabled hospitality platforms. Founded back in 2012 by Ritesh Agarwal, Oravel Stays now has a full suite of platforms that connect hotel owners, homeowners & travellers all over the world. The OYO brand has a pretty impressive portfolio of brands including Townhouse, Collection O, Capital O, OYO Home, Belvilla, DanCenter & Motel 6. Oravel Stays lately changed its own corporate identity to PRISM, but OYO is still the name that most people know.
Oravel Stays Limited IPO Details
After years of going back & forth with the regulators, Oravel Stays finally got the nod from SEBI for an IPO all the way back on 2 June 2026. That's the third time OYO has tried to go public, following stints in October 2021 & April 2023 when the company had to pull its draft papers due to SEBI asking for changes. This time around though, OYO has got a lot of things sorted : a much better financial position a leaner ask from investors & a much more realistic valuation in its sights.
Oravel Stays Limited IPO Dates
- IPO Open Date: Awaited
- IPO Close Date: Awaited
- Basis of Allotment: Awaited
- Refund Initiation: Awaited
- Listing Date: Awaited
Grey Market Premium (GMP) and Unlisted Share Market Price
Over the past four years, the unlisted equity markets have been a crucial part of figuring out the pricing of Oravel Stays. With the news of the regulator finally giving the green light, we've seen a pretty big jump in trading activity on pre-IPO platforms.
Current Unlisted Share Price Range: The price has been fairly steady, stuck between ₹22 and ₹27 per share, with a face value of just ₹1.
What the Market is Saying About Oravel's Value: If you look at the current private market share price, it suggests that Oravel's implied market value is somewhere between $3.5 Billion and $4 Billion. That's a pretty big drop from the $10 billion it was valued at in private funding at its peak, which should give a more realistic picture for the public market.
Estimated GMP So Far: Market watchers suggest that the premium is looking a bit more optimistic than it was, with a roughly ₹13 per share shadow premium - although we won't know for sure until they actually declare the price band.
Oravel Stays Limited IPO Issue Size - Update
The IPO has gone through a lot of changes over the years and its size has been revised multiple times.
- Fresh Issue: they are looking to raise up to ₹6,650 crore.
- Total amount they're allowed to raise: also up to ₹6,650 crore.
What the DRHP Proposed Earlier
- The original plan was for a IPO of ₹8,430 crore.
- Breaking that down - ₹7,000 crore was for fresh issuance and ₹1,430 crore was set aside for an Offer for Sale.
At the moment the new proposal seems to be more about raising primary capital for the company rather than giving existing shareholders an exit route.
Oravel Stays Limited IPO Price Range
IPO Price Band is not announced yet.
Oravel Stays Limited IPO Lot Size
IPO Lot Size is not announced yet.
Financial Performance & Statement Analysis
Consolidated Profit & Loss Highlights in Crores.
Key Balance Sheet & Cash Flow Inferences
- The Long-awaited Turnaround: Oravel has finally, back to back, managed to stay ahead of the game by posting two years of actual profits (PAT) in FY24 and FY25, putting the financially crippling losses of FY23 firmly in the past.
- Revenue Growth: Revenue is creeping up, at a pretty measured pace of 14.1% in the last fiscal year but to be honest, profits are being driven by the company getting its internal house in order and finding some much needed efficiency gains, rather than some massive jump in market share.
- Cash in the Bank: Oravel is finally starting to see some real cash flowing in, with operating cash flows turning positive at ₹321.25 Crore in the latest year, giving the company a much needed cash float to work with.
Investment Thesis: The Pros vs Cons
Positive Side
- Amazing Turnaround Story: They went from being over ₹1,280 Crore in the red to actually making a profit - shows that when they get things right, their whole business model starts working like it should.
- Asset-Light Business Model: Because they don't own loads of property, they can grow their inventory without having to shell out heaps of extra cash.
- The Value of a Good Brand: They've got one of the most well-known brands in travel, which means that new customers are cheap to get - way cheaper than for new companies that have to spend loads promoting themselves.
- A Good Starting Point for Valuations: By lowering those target expectations to $3.5–4 Billion - that's a big ask for investors, leaving room for growth for people like us.
Negative Side
- Revenue Hasn't Been Growing Much: Historically, revenue has just sort of hung in there - so if we want long-term growth, we need either a revival in the core market or something big to happen through cross border expansion.
- Losing Control of Our Own Destiny: Oravel doesn't actually control the property they use - so disagreements with property owners, or losing lots of those boutique hotels, could be real problems.
- The Law of the Land Keeps Changing: The short-stay and vacation rental market out there - it's a minefield of changing local rules and regulations, especially in Europe.
IPO Management & Corporate Governance
The deal's getting some serious muscle: a top-notch team of global Book Running Lead Managers (BRLMs) is lined up to make this one a success:
Kotak Mahindra Capital Company Limited.
JM Financial Limited.
Citigroup Global Markets India Private Limited.
J.P. Morgan India Private Limited.
Nomura Financial Advisory and Securities (India) - another heavyweight coming in to lend their expertise.
Promoter Profile & Registrar Details
Ritesh Agarwal seems to be driving this one with a 30-33% stake post-restructuring alongside some serious backing from RA Hospitality Holdings (Cayman and SoftBank Group who will still hold a significant chunk ( around 46% pre-IPO equity) of the company.
Link Intime India Private Limited is the chosen registrar to make sure everything runs smoothly.
Registered Office Address:- Ground Floor-001, Mauryansh Elanza, Shyamal Cross Road, Ahmedabad, Gujarat.
Email add:- investors@oyorooms.com
Final Views
Oravel Stays Limited has made a complete U-turn on its investment case since its ill-fated 2021 draft filing. Institutional investors in the public markets are getting increasingly wary of tech startups listing at high prices based on promises of huge growth and burning through cash. However, OYO's aggressive drive to clean up its operations has really paid off - they've effectively shut down their loss-making room portfolios in places like China and shown two full years of actually turning a healthy profit.
As a result, the entry price for investors in OYO is suddenly a lot more realistic - around $3.5-4 Billion right now. Smart investors - both retail and institutional - will be keeping a very close eye on the price range that OYO ends up listing at. If they can manage to price themselves fairly against listed companies like MakeMyTrip that are in the same space, or even traditional hospitality networks, then this could be a great turnaround investment. But investors who are looking for super fast growth in revenues had better wait for OYO to come up with a real plan to get that growth ball rolling.
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