OYO vs PhonePe IPOs Updates: Analysis of India’s Two Biggest New-Age IPOs

Introduction

Two of India’s best-known consumer tech names are chasing a stock market listing right now. OYO, run by its parent PRISM, has cleared SEBI and filed its Updated DRHP. PhonePe has SEBI approval too, but paused its own listing earlier this year.

SEBI Disclaimer:

I am not a SEBI-registered investment advisor. This article is for informational purposes only. Please do your own research or consult a registered advisor before investing.

Companies Overview

OYO (PRISM Hotels and Resorts Limited)

What does the company do? OYO operates a technology-led hospitality platform. It doesn’t own hotels. It connects property owners with travellers, earning through revenue-sharing, commissions, and franchise royalties.

Which industry is it in? Travel technology and hospitality, spanning budget hotels, mid-market and premium stays, vacation homes, and extended-stay accommodation.

Business model: OYO runs an asset-light platform across three segments: Hotels, Homes, and Listings. It offers over 40 integrated tech products to help small hosts and property owners manage their business.

Scale: The platform covers more than 35 countries. It counts over 24,000 hotels and 1,24,668 homes as of December 2025. Its European homes business runs under brands like Belvilla, DanCenter, and CheckMyGuest. Its US business runs through G6 Hospitality, which owns Motel 6 and Studio 6.

Founded in 2012 by Ritesh Agarwal, the company rebranded its parent entity to PRISM in 2025, formerly called Oravel Stays. Ritesh Agarwal still leads the group as CEO. Major shareholders include SoftBank’s SVF India Holdings, Microsoft, Airbnb, Lightspeed, Peak XV Partners, Khazanah Nasional, and Greenoaks Capital.

Parle vs BoAt IPOs Analysis ? https://dailystocks7.com/2026/08/07/parle-products-vs-boat-ipos-complete-2026-analysis

PhonePe Limited

What does the company do? PhonePe runs India’s largest UPI payments platform. It has expanded into insurance broking and lending distribution alongside its core payments business.

Which industry is it in? Digital payments and financial services, competing directly with Google Pay and Paytm.

Business model: PhonePe earns most of its revenue from payment services, with a growing share now coming from insurance and lending products. Core UPI transactions carry zero merchant discount rate, which limits direct monetisation from that segment alone.

Scale: PhonePe holds more than 45% of India’s UPI transaction volume, the highest of any player. It has over 600 million registered users and serves close to 50 million merchants. In August 2025 alone, it processed 9.8 billion of the 21.6 billion total UPI transactions recorded that month.

Founded in 2015 by Sameer Nigam and Rahul Chari, PhonePe redomiciled from Singapore to India in December 2022. That move came well ahead of its planned India listing. The company converted from a private limited to a public limited entity in April 2025. Walmart, through its subsidiary WM Digital Commerce Holdings Pte Ltd, remains the largest shareholder.

IPO Details

OYO (PRISM) IPO

Parameter	Details
DRHP Status	UDRHP-I filed publicly with SEBI on June 30, 2026
SEBI Approval	Received June 5, 2026
IPO Open/Close Date	Not announced; listing targeted for H2 2026
Price Band	Not announced
Issue Size	₹6,650 crore
Fresh Issue vs OFS	100% fresh issue; no OFS
Listing Exchange	NSE/BSE

Important note: This is OYO’s third IPO attempt. It first filed in 2021 targeting a valuation near $9.6-12 billion, then withdrew as travel demand collapsed during the pandemic. A second attempt around 2023-2024 also got shelved. The current attempt is structured very differently, with no existing shareholder selling any stock.

PhonePe IPO

Parameter	Details
DRHP Status	UDRHP-I filed publicly with SEBI on January 21, 2026
SEBI Approval	Received January 20, 2026; valid for 18 months
IPO Open/Close Date	Not announced; process paused since March 2026
Price Band	Not announced
Issue Size	₹12,000-₹16,000 crore ($1.35-1.5 billion)
Fresh Issue vs OFS	100% OFS; no fresh issue
Listing Exchange	NSE/BSE

Important note: PhonePe confidentially filed its DRHP in September 2025 and got SEBI’s nod by January 2026. It then paused the entire process in March 2026, citing global market volatility from the Middle East conflict. Some market trackers list PhonePe among companies eyeing an August 2026 window, but this remains unconfirmed as of this writing.

Company Financials

OYO / PRISM (₹ crore, per DRHP filing)

Metric	FY25	FY26
Revenue from operations	₹6,252.83 Cr	₹9,357.98Cr
Reported EBITDA	₹1,083.50 Cr	₹2,593.84 Cr
Profit After Tax	₹244.82 Cr	₹994.18 Cr
Net cash from Operations	₹321.25 Cr	₹2,511.21 Cr

Revenue grew about 50%. A full year of G6 Hospitality helped. Cash from operations jumped almost eight times.
Read the profit carefully. About ₹678 crore of the FY26 profit came from a deferred-tax credit. That is an accounting benefit, not cash from customers. Without it, profit would be near ₹316 crore. That is my own subtraction.
Finance costs were about ₹1,414 crore in FY26. So debt still takes a big bite.
Management also gave unaudited guidance earlier. It guided for FY26 profit near ₹1,100 crore and EBITDA near ₹2,000 crore. Reported EBITDA beat that number. Reported profit came in below it.

PhonePe (₹ crore, per DRHP filing and company statements)

Metric	FY24	FY25	FY26
Revenue From Operations	₹5,064 Cr	₹7,115Cr	₹7,920Cr
Net Loss	₹1,996 Cr	₹1,727Cr	₹2,792 Cr

OYO’s turnaround looks genuine and DRHP-verified. Profit has grown steadily over the last two full years. The nine-month FY26 numbers already beat all of FY25 on both revenue and profit. The company also cut its net leverage sharply, from 12.28 times in FY23 to about 2.60 times recently. Debt still remains a real factor in its story.

PhonePe still runs at a net loss, but that loss keeps shrinking fast. Revenue grew roughly 40% in FY25. EBITDA losses halved year-on-year, which suggests the core business is closer to breakeven than the headline net loss implies.

Bitcoin Price Prediction? https://dailystocks7.com/2026/08/04/bitcoin-price-prediction-2026-to-2032-full-analysis

Valuation Analysis

OYO (PRISM) Valuation

The current IPO reportedly targets a valuation of $7-8 billion, roughly ₹58,000-66,000 crore. That marks a steep cut from the up to $9.6-12 billion the company sought in its withdrawn 2021 attempt.

Unlisted shares have traded around ₹22-28 per share as of June 2026, down from ₹28-30 earlier in the year. Reported outstanding shares run into the thousands of crores, given the low per-share face value of ₹1. Small price moves can still represent large swings in overall market value. Treat this range as a sentiment indicator, not a preview of the eventual issue price.

PhonePe Valuation

PhonePe’s valuation target has moved sharply within a single year. In January 2026, reports pegged the IPO at $14.5-15 billion. That was close to double its 2023 private funding valuation of $12 billion. By March 2026, Reuters reported the target had dropped to $9-10.5 billion, roughly ₹82,000-96,000 crore. The planned raise also shrank, to $900 million-$1.05 billion.

Unlisted shares reportedly trade around ₹20,000-20,300 each. These trades happen in thin volumes and carry little reliability as a pricing signal. The sharp two-month cut in target valuation, paired with the March pause, points to real sensitivity to broader market conditions. This looks like more than company-specific weakness alone.

Google Stock Forecast Analysis ? https://dailystocks7.com/2026/08/03/is-alphabet-stock-a-good-buy-at-360-a-deep-analysis-for-investors

Grey Market Premium (GMP)

Neither company has a real GMP right now, because neither has an announced price band. A grey market premium measures what buyers pay over the official issue price. Without an issue price, that comparison doesn’t exist yet.

Both stocks do have informal unlisted-market prices, as noted in the valuation section above. Some websites may present these figures, or entirely invented price-band and listing-date numbers, as if they were confirmed facts. Treat any specific GMP, price band, or listing date you see for either company as unverified. Only trust numbers from an official SEBI filing or exchange notice.

Strengths (Bull Case)

OYO (PRISM):

• DRHP-verified, multi-year profit growth with accelerating momentum in FY26
• Asset-light model that scales without owning real estate
• Genuine global diversification, with over 80% of revenue now from outside India
• Net leverage falling sharply, alongside an improved credit outlook from S&P
• 100% fresh issue structure, meaning real capital flows into the business

PhonePe:

• Dominant, defensible leadership in UPI with over 45% transaction volume share
• Massive scale: 600+ million users and roughly 50 million merchants
• Diversifying into insurance and lending, reducing reliance on zero-MDR payments
• EBITDA losses halved in FY25, pointing toward operational breakeven
• Backed by Walmart and other large institutional investors

Risks (Bear Case)

OYO (PRISM):

• Roughly 75% of fresh issue proceeds go toward repaying debt at its Singapore subsidiary, not growth
• 100% of one promoter entity’s equity, RA Hospitality Holdings, sits pledged to a lender
• Net leverage, while improved, remains elevated at around 2.60 times
• Credit rating remains sub-investment grade, rated ‘B’ by S&P as of June 2026
• Two prior withdrawn IPO attempts raise execution-risk questions

PhonePe:

• Still net loss-making, with a ₹1,720 crore loss in FY25
• Entirely an OFS structure, so the company itself raises no capital from the listing
• NPCI’s market-share cap on UPI apps remains a long-term overhang, even after a two-year deferral
• The IPO has already been paused once, in March 2026, showing real timing risk
• Target valuation was cut by roughly a third within two months of SEBI approval

Jio IPO 2026 Analysis ? https://dailystocks7.com/2026/08/03/jio-platforms-ipo-2026-valuation-financials-growth-drivers-and-key-risks

Use of IPO Proceeds

OYO’s structure gives a clear answer here. Around ₹4,987.5 crore of the ₹6,650 crore fresh issue, or roughly 75%, is earmarked for one purpose. It will help its Singapore subsidiary repay or prepay borrowings. The remainder likely covers general corporate purposes. This is largely a balance-sheet cleanup IPO, not a growth-capital raise.

PhonePe’s answer is even simpler: none. As a 100% OFS, every rupee from the sale goes to selling shareholders. Walmart’s holding company leads that group, alongside Tiger Global and Microsoft, both exiting entirely. PhonePe itself receives no proceeds from its own IPO.

Promoters and Management

OYO (PRISM):

Ritesh Agarwal leads the company as Group CEO and remains a major shareholder alongside SoftBank’s SVF India Holdings. One promoter entity, RA Hospitality Holdings (Cayman), currently has its full equity stake pledged to a lender, a detail worth watching closely as the IPO progresses.

PhonePe:

Sameer Nigam serves as CEO, with Rahul Chari as co-founder. Walmart, through WM Digital Commerce Holdings Pte Ltd, holds the largest stake and plans to sell shares worth reducing its holding by around 12% through the OFS. General Atlantic separately raised its stake to 8.9% in September 2025, after buying shares directly from the two founders.

Industry Analysis

Travel technology and hospitality (OYO)

Global travel demand has recovered well past pre-pandemic levels, with budget and mid-market accommodation remaining a large, fragmented category. OYO’s Gross Booking Value more than doubled in under two years. It rose from ₹10,176 crore in FY23 to ₹22,946 crore in the nine months to December 2025.

Competitors include MakeMyTrip, EaseMyTrip, Treebo, and FabHotels domestically. Larger global hotel chains and platforms like Airbnb, also an OYO investor, compete internationally.

Digital payments and fintech (PhonePe)

India’s UPI ecosystem processed over 21 billion transactions in a single recent month. It continues to grow at a rapid pace. Regulatory attention remains high, particularly around market concentration among the top two or three players.

PhonePe’s main rival is Google Pay, which holds a similarly large share of UPI volumes. Paytm, already listed, offers a useful public-market comparison point for how a fintech IPO can perform post-listing.

Competitor Comparison

Company	Sector	FY26 Revenue	FY26 Profit/(Loss)	IPO Status
OYO (PRISM)	Travel Tech/Hospitality	₹9,357.98 crore	₹994.18Cr Profit	UDRHP filed, SEBI approved
MakeMyTrip	Travel Tech	Publicly listed	Publicly listed	N/A (already listed)
PhonePe	Fintech/Payments	~₹7,930 crore	(₹2,792Cr) Loss	UDRHP filed, SEBI approved, processing
Paytm	Fintech/Payments	Publicly listed	Publicly listed	N/A (already listed)

OYO already posts real profit on a DRHP-verified basis. PhonePe still loses money, though its losses keep narrowing quickly. Both would rank among the largest Indian new-age listings if they proceed at their currently reported valuation targets.

Subscription Status

Neither IPO has opened for subscription. There is no QIB, NII, or retail bidding data to report for either company today.

Once either issue opens, subscription data will appear in real time. Check the NSE and BSE websites, along with each registrar’s portal. KFin Technologies serves as PhonePe’s registrar; OYO’s registrar will be confirmed in its final Red Herring Prospectus. Ignore any subscription figures published before either issue actually opens.

Analysts View

OYO (PRISM)

Positive points:

• A real, audited turnaround from heavy losses to consistent profit
• Improving credit metrics, with S&P revising its outlook to positive
• A fresh-issue structure that funds debt reduction rather than promoter exits

Negative points:

• The pledged promoter stake adds a layer of ownership risk
• Heavy reliance on international markets marks a shift from OYO’s original India growth story
• Two previously withdrawn attempts make a smooth listing this time not guaranteed

PhonePe

Positive points:

• Unmatched scale and market leadership in UPI payments
• Fast-narrowing losses and halved EBITDA losses in FY25
• Diversification into insurance and lending reduces single-product dependence

Negative points:

• A pure OFS structure means public investors fund an exit, not growth
• The NPCI cap risk, though deferred, has not gone away
• A March 2026 pause and a sharply cut valuation target both signal real uncertainty

Best Case / Base Case / Worst Case

OYO (PRISM)

• Best case: The company holds its $7-8 billion target, prices the issue soon, and delivers a strong listing on its profit turnaround story.
• Base case: The listing happens in H2 2026 as planned, with a valuation closer to the lower end of the reported range.
• Worst case: A third IPO attempt also gets delayed or shelved, echoing 2021 and the earlier 2023-2024 attempt.

PhonePe

• Best case: Market conditions stabilise, the company resumes its process soon, and it lists near the higher end of its valuation range.
• Base case: The listing eventually happens, but at a valuation closer to the reduced $9-10.5 billion range reported in March 2026.
• Worst case: The pause extends well beyond 2026, or the SEBI approval window lapses before conditions improve.

Memory Stocks Analysis ? https://dailystocks7.com/2026/08/01/memory-stocks-are-back-micron-sandisk-sk-hynix-buy-now

Final Thoughts

Neither IPO has a confirmed price band, so no honest “apply or avoid” call exists yet for either one. What follows is a read on the current setup, not investment advice.

OYO (PRISM) — Track closely; the fundamentals have genuinely improved. This is a real turnaround story, backed by DRHP-verified profit growth and a fresh-issue structure that actually strengthens the balance sheet. The pledged promoter stake and the shift toward an international, lower-margin revenue mix deserve a close look once the price band appears.

PhonePe — Track, but expect more volatility before a final price band appears. Market leadership is undisputed, and losses are narrowing fast. But a 100% OFS structure, a paused process, and a valuation target already cut by roughly a third within months all argue for patience. Wait for the company to actually resume its process before forming a firm view.

Who should watch each one:

• Long-term investors: Track both companies’ SEBI filings and listen for actual price-band announcements before forming any view.
• Listing-gain seekers: There is nothing to act on for either company until a real price band exists.
• High-risk investors: OYO offers a clearer turnaround narrative today; PhonePe offers bigger scale but more near-term uncertainty around timing and pricing.

Note: OYO’s parent entity is now legally named PRISM (formerly Oravel Stays); the OYO brand continues as its consumer-facing name. PhonePe’s IPO process remains paused as of this writing; treat any specific dates or GMP figures for either company as unconfirmed until they appear in an official SEBI filing.

FAQs