PRISM announced a 50% cut in its initial public offering, reducing the fresh issue from ₹6,650 crore to ₹3,350 crore—an adjustment that cuts the capital requirement by ₹3,300 crore.
An insider told PTI the decision follows the company’s recent financials, which show a stronger cash flow and a healthier balance sheet, allowing PRISM to aim for a more efficient capital structure. The plan will see most of the proceeds used to clear or prepay outstanding borrowings, a move that could shave off debt obligations over the next two to three years.
Moody’s recently revised PRISM’s outlook to ‘positive’ from ‘stable’, reaffirming the travel‑tech unicorn’s B2 corporate family rating. The rating agency projected EBITDA to climb to about ₹3,000 crore in the next 12‑18 months, a sharp rise from FY25’s ₹1,080 crore and a 2.4‑fold jump from the FY26 actual of ₹2,630 crore.
Ritesh Agarwal remains the largest individual shareholder with a 30.52% stake, while SVF India Holdings, a SoftBank subsidiary, holds 40.04%. These concentrations underscore the backing behind the company’s strategic shift toward debt reduction.
The revised issue size follows PRISM’s earlier filing of a Unlisted Dealer Redemption & Public Offer (UDRHP). With the new structure in place, the firm is poised to move to the next IPO stage, aiming for a smoother capital raise that aligns with its updated financial trajectory.