Mumbai-based AI solutions company Prisma Global (popularly Prisma AI) has raised Rs 200 crore through a bond issue that marks the first debt offering in India by an AI solutions company, according to a Business Today report citing The Times of India. The offering opened on Monday with a Rs 50-crore base tranche at an interest rate of 10% for a two-year tenure — and was fully subscribed within the first hour.
Investor demand triggers greenshoe
By 3pm the same day, the issue was subscribed nearly eight times, according to the report. Because the offer was oversubscribed on day one, the greenshoe option of Rs 150 crore was exercised, taking the final issue size to Rs 200 crore, said Ankit Gupta, founder of BondsIndia, the arranger for the offering.
"The strong bidding response reflects robust investor confidence in the issuer and the transaction," Gupta told TOI. "This will bring in confidence to a lot of non-financial entities, including manufacturing companies, trying to tap the fixed-income market to raise funds."
Bond terms at a glance
| Parameter | Detail |
|---|---|
| Issuer | Prisma Global (Prisma AI) |
| Base issue size | Rs 50 crore |
| Greenshoe option | Rs 150 crore |
| Final offer size | Rs 200 crore |
| Coupon rate | 10% per annum |
| Tenure | 2 years |
| Subscription status | Fully subscribed in 1st hour; ~8x by 3pm |
| Arranger | BondsIndia |
| Instrument type | Corporate bonds (first for an Indian AI company) |
Company profile and AI pivot
Prisma Global works with the central and state governments, police departments, airports and similar entities on crowd management solutions, theft and robbery prevention, and detection of suspected illegal activities, the report noted. Using AI extensively, the company has moved from reactive responses to such incidents to predictive solutions that prevent those activities.
Shreeram Iyer, chairman of Prisma Global, said: "We are strategically pivoting to maximise our impact in India by leveraging our extensive network of international partners."
Capital-markets implications for corporates
The success of the offering signals strong appetite in India's fixed-income market for paper from non-financial entities — a segment that includes manufacturers and technology companies seeking alternative funding sources beyond bank loans. At a 10% coupon for a two-year maturity, the pricing also offers a reference point for other first-time bond issuers in India's emerging-credit spectrum.
For finance executives and treasury professionals tracking corporate funding costs, the deal demonstrates that a well-structured retail or institutional bond issue with a greenshoe can be fully subscribed in under an hour even for a company outside the traditional banking and infrastructure sectors. The exercise of the Rs 150-crore greenshoe suggests that arranger-led issuance can scale quickly when investor demand is strong — a practical template for mid-sized firms evaluating direct market access.
While the source report does not detail the investor base or whether the bonds were listed, the 8x subscription and the 10% coupon provide tangible data points for benchmarking unrated or first-time corporate issuers in India's domestic debt market.
Sources:
