OYO parent to nearly halve IPO fresh issue size to up to ₹3,350 crore
OYO parent PRISM is planning to nearly halve the size of the fresh issue in its proposed initial public offering (IPO) to up to Rs 3,350 crore from almost Rs 6,650 crore, sources said on Tuesday
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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