MakeMyTrip IPO Update: $1 Billion India IPO Moves Closer
MakeMyTrip has taken the first formal step towards its India stock market debut by filing confidential IPO papers with SEBI, BSE and NSE. Reports suggest the public issue could exceed $1 billion.
MakeMyTrip has confidentially filed its DRHP with SEBI, BSE and NSE, moving closer to its proposed India IPO. The issue is expected to exceed $1 billion and is likely to be an Offer for Sale, while the Nasdaq-listed parent will retain control of its Indian business.
MakeMy Trip IPO: Online travel major MakeMyTrip has officially initiated its long-awaited India listing by confidentially filing a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The filing, made through its wholly owned subsidiary MakeMyTrip (India) Limited, marks the company's first formal step towards listing on Indian stock exchanges nearly 15 years after its Nasdaq debut in 2011.
The company has also submitted the confidential draft papers to BSE and National Stock Exchange (NSE). While MakeMyTrip has not disclosed the proposed issue size or valuation, market reports suggest the IPO could exceed $1 billion (approximately ₹8,600 crore), making it one of the biggest public offerings by an Indian internet company in recent years.
MakeMyTrip IPO Likely Through SEBI's Confidential Route
MakeMyTrip has chosen SEBI's confidential pre-filing route, which allows companies to keep key IPO details such as the issue size, valuation and price band private during the initial regulatory review. The mechanism has become popular among large issuers because it offers flexibility while reducing market speculation before the public launch.
According to media reports, the proposed IPO is expected to be primarily an Offer for Sale (OFS). This means existing shareholders will sell part of their holdings, and the proceeds will go to the selling shareholders instead of the company.
Reports also indicate that Kotak Mahindra Capital, Axis Capital, JPMorgan India and Morgan Stanley India have been appointed as the book-running lead managers for the issue.
MakeMyTrip Parent Company to Retain Control
In a regulatory filing with US Securities and Exchange Commission (SEC), MakeMyTrip said the proposed offering will involve the sale of equity shares in MakeMyTrip India by MakeMyTrip Limited and its wholly owned subsidiary ibibo Group Holdings (Singapore) Pte. Ltd.
The company clarified that despite the share sale, MakeMyTrip India will continue to remain a subsidiary of Nasdaq-listed parent company and will continue to be included in its consolidated financial statements.
The filing further stated that proceeds received by the parent entities could strengthen the group's cash position and may be used for long-term business expansion, strategic acquisitions, inorganic growth opportunities and repurchase of various classes of securities, including convertible instruments.
About MakeMyTrip
Founded in 2000, MakeMyTrip has become India's largest online travel platform, offering flight bookings, hotels, holiday packages, train and bus tickets, car rentals, travel insurance, foreign exchange assistance and visa-related services. Its portfolio includes leading brands such as MakeMyTrip, Goibibo and redBus.
According to the company's latest disclosures, its platforms have served more than 87 million retail customers and over 77,000 corporate clients. The company has recorded 549 million app downloads, bookings of over 32.5 million hotel room nights, and processed more than 104.6 million bus ticket bookings, highlighting the scale of its operations in India's growing online travel market.
All topics
Click the link, confirm the box next to sahi.com is checked — ignore any other results.