OYO hotel chain Prism has received SEBI's approval for its initial public offering (IPO). The company is looking to raise up to Rs 6,650 crore through a fresh equity issue. The company, formerly known as OYO, rebranded itself as 'Prism' last year to become a global hospitality platform that includes hotels, resorts and coworking spaces.

The IPO is part of the company's overseas expansion. Last year, Prism acquired US-based G6 Hospitality for $525 million. The company expects a significant revenue growth in the coming years. Apart from the overseas market, the company also plans to increase its premium hotel services focused on pilgrimage destinations in India.

Despite currently having a debt of over Rs 7,000 crore, the company has seen significant improvement in its profits and annual revenue. Prism, backed by major global companies like SoftBank and Microsoft, is expected to file revised IPO documents by this coming July, ensuring its financial stability, reports suggest.