Zostel Hospitality seeks SEBI probe into Prism IPO equity omission
Zostel Hospitality is urging SEBI to take a closer look at Oyo parent Prism's latest IPO draft, saying it leaves out key details about their long-running legal fight.
The dispute goes back to 2015, when Oyo tried (and failed) to acquire Zo Rooms.
Zostel claims the current IPO documents don't mention enough about their claim for 7% equity in Oyo or the financial impact of this ongoing court case.
Zostel seeks independent Prism IPO review
Besides reaching out to SEBI, Zostel has also contacted stock exchanges and lead managers, pushing for an independent review and even a pause on Oyo's IPO until all disclosures are fully transparent.
While Oyo's parent company Prism does mention the lawsuit in its filings, Zostel feels it only tells one side of the story and doesn't highlight what investors really need to know.