MakeMyTrip confidentially files DRHP with SEBI for a ~$1 billion India IPO of subsidiary MMT India, 15 years after its Nasdaq debut. Check OFS structure, bankers & financials.
MakeMyTrip, India's largest online travel platform, is finally set to list at home. The Nasdaq-listed company has confidentially filed its draft IPO papers with SEBI for its wholly owned Indian subsidiary, MakeMyTrip (India) Limited (MMT India), 15 years after its original 2011 Nasdaq listing.
About MakeMyTrip
Founded and listed on Nasdaq (National Association of Securities Dealers Automated Quotations) in 2011, MakeMyTrip is India's largest online travel aggregator, offering flights, hotels, holiday packages, and bus and rail ticketing through brands like Goibibo and RedBus. It competes with listed rival EaseMyTrip and privately held Cleartrip, owned by Flipkart.
What Was Filed?
MMT India submitted a pre-filed Draft Red Herring Prospectus (DRHP) with SEBI, BSE, and NSE on July 17, using SEBI's confidential pre-filing route. This mechanism, introduced in 2022, lets companies keep sensitive details like issue size, valuation, financials, and price band under wraps during the initial regulatory review. It also gives companies more flexibility to defer or withdraw listing plans without having publicly disclosed competitive information.
According to media reports, the IPO could be valued at over $1 billion (roughly ₹8,600 crore), though the exact size hasn't been officially confirmed yet.
Entirely an Offer for Sale
The IPO will involve the sale of equity shares in MMT India by parent company MakeMyTrip Limited and its Singapore-based subsidiary, ibibo Group Holdings Pte Ltd (the entity behind Goibibo). Reports suggest the issue will be entirely an offer for sale (OFS), meaning no fresh shares will be issued and no new money will go directly into the company. Instead, the proceeds will go to the two selling shareholders.
Kotak Mahindra Capital, Axis Capital, JPMorgan India, and Morgan Stanley India have been appointed as book-running lead managers.
Even after the listing, MMT India will remain a subsidiary of the Nasdaq-listed parent and continue to be part of its consolidated financial statements.
Why List in India Now?
The company said the India listing is expected to boost its brand visibility in its home market and support its ability to attract and retain talent in a competitive tech hiring environment. Proceeds from the share sale are expected to strengthen MakeMyTrip's overall cash position, which it may use for long-term growth, strategic acquisitions, and buybacks of various securities, including convertible securities.
Ahead of the filing, MakeMyTrip also restructured its business, merging its bus-ticketing arm RedBus into MMT India, and picked up minority stakes in visa processing platform Atlys and holiday packages company Flamingo Transworld.
Eyeing a Dual-Listed Structure
In an interesting disclosure, MakeMyTrip said that, subject to regulatory approvals, it may explore options that would let shareholders hold a security at the MMT India level that is fungible and listed across both Indian and US markets. If this goes through, it would make MakeMyTrip one of the few large Nasdaq-listed Indian companies to pursue a dual-listing structure, setting a possible precedent for others.
Financial Snapshot
MakeMyTrip's FY26 profit fell 45.8% year-on-year to $51.7 million, while revenue grew a modest 6.7% to $1.04 billion. For Q4 FY26 alone, profit declined 16.8% to $24.3 million, even as revenue rose 1.9% to $250.1 million. The company had crossed $10 billion in gross bookings for the year.
With the confidential route in play, the exact issue size, price band, and timeline will only become clear once SEBI completes its review and the company decides to go public with the RHP. The dual-listing angle makes this one of the more closely watched filings of the year for Indian capital markets. As always, wait for official numbers before forming any investment view.