PRISM Files Rs 6,650 Crore IPO as Profit Hits Rs 748 Crore

PRISM filed draft papers with Indian regulators on Friday for an initial public offering comprising a fresh issue of Rs 6,650 crore.

The company reported a profit of Rs 748 crore for the nine months ended December 2025, according to the draft prospectus. Annualized, that figure works out to roughly Rs 997 crore. The multiple applied to that earnings base will become clear when PRISM sets its price band, which the filing has not yet disclosed.

Investors face a concrete unknown until that band is published: the dilution magnitude. A fresh issue of Rs 6,650 crore, fully subscribed, will shrink existing shareholders' proportionate ownership by a percentage that depends entirely on the pre-money valuation the company and its underwriters settle on. Without an offer-for-sale component in the filing, every rupee raised flows onto the company's balance sheet, not into selling shareholders' pockets.

The IPO lands in a crowded pipeline. Several large Indian issuers are queued up for Sebi approval, and the regulator's review process typically runs three to four months from the date of the draft prospectus. PRISM did not specify a target listing date or a timetable for the next steps.

The draft prospectus contains no revenue figures or segment breakdowns for the nine-month period. Full business details, including the company's operations and the intended use of the proceeds, will appear in the red herring prospectus once Sebi clears the filing. Until then, the sole valuation handle is the profit number and the implied annualized earnings of roughly Rs 1,000 crore.