OYO-parent PRISM to nearly halve IPO fresh issue size to up to Rs 3,350 cr: Sources
People familiar with the matter said the reduction in the issue size follows continued strong cash generation and an improving balance-sheet position, which has lowered the amount of capital the company needs to raise compared with what was originally envisaged.
OYO's parent company, PRISM, is reducing the size of the fresh issue in its upcoming initial public offering (IPO) to up to Rs 3,350 crore from the initially planned Rs 6,650 crore, according to sources. This reduction is due to strong cash generation and an improving balance sheet, which have lowered the amount of capital the company needs to raise.
The company aims to raise the necessary funds while maintaining an efficient capital structure, with the intention of repaying remaining debt over the next two to three years through cash flows. PRISM continues to focus on reducing its outstanding debt, with most of the issue proceeds proposed to be used for repayment or prepayment of certain borrowings.
Moody's Ratings recently revised the outlook on PRISM to positive from stable, reaffirming the company's B2 corporate family rating.
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- OYO-parent PRISM to nearly halve IPO fresh issue size to up to ₹3,350 cr: Sources thehindubusinessline.com
- OYO parent to nearly halve IPO fresh issue size to up to ₹3,350 crore business-standard.com
