Prism first filed for an IPO in 2021, seeking a valuation of up to $12 billion, but has repeatedly delayed its listing. (File Photo)
\n\nPrism, the parent company of budget hotel chain OYO, has sharply reduced the size of its planned initial public offering (IPO) as it makes another attempt to bring its long-pending listing plans to fruition. According to a filing made on Thursday, the SoftBank-backed company now intends to raise Rs 3,350 crore through a fresh issue of shares. The revised fundraising target is nearly half the Rs 6,650 crore proposed in an updated draft prospectus submitted in June.
\n\nThe move comes as Prism works to revive its public market debut after several delays. Its listing plans date back to 2021, when the company first approached the market with an ambitious valuation target.
\n\nPrism's latest filing signals a substantial reduction in the fresh capital it intends to raise from investors. The company is now targeting Rs 3,350 crore, equivalent to approximately $354.65 million, through the share sale, as per a Reuters report.
\n\nAlso Read: Jio IPO Day 2: IPO Subscribed 3.50 Times, Retail Portion Fully Booked
\n\nThe revised figure marks a major change from the Rs 6,650 crore…
Original source: https://www.timesnownews.com/business-economy
