Oyo parent Prism plans to cut IPO fresh issue to $353m
Moody's recently raised PRISM's outlook to positive from stable while affirming its B2 rating.
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 PRISM to nearly halve IPO fresh issue size to up to Rs 3,350 cr: Sources yourstory.com
- OYO-parent PRISM to nearly halve IPO fresh issue size to up to Rs 3,350 cr: Sources economictimes.indiatimes.com
- OYO parent to nearly halve IPO fresh issue size to up to ₹3,350 crore business-standard.com
