On Tuesday, the company revealed that the parent company of travel tech platform OYO, Prism, has received shareholder approval to proceed with its Initial Public Offering (IPO) which is intended to raise Rs 6,650 crore. The approval was granted during an Extraordinary General Meeting (EGM) that the company recently held, where the shareholders expressed their support for the public issue in a vote.

Prism also mentioned that the money collected from the IPO would be used for a number of purposes, including paying off liabilities, making the technology platform more robust, entering new territories, and covering general corporate needs. Moreover, the firm indicated that it will apply for the Draft Red Herring Prospectus (DRHP) and set the IPO schedule after the market is right and all required regulatory approvals are secured.

This action is a major move for OYO as it looks to consolidate its financial position and rapid growth in both domestic and international markets.