MakeMyTrip Ltd, the NASDAQ-listed travel technology company, has confidentially filed its draft red herring prospectus with SEBI to launch an IPO for its wholly owned India subsidiary, marking a strategic move to enhance its footprint in the growing Indian market.
- Confidential DRHP filed for MMT India's IPO with SEBI
- IPO entirely offer-for-sale by MakeMyTrip Ltd and ibibo Group
- Plans to list India subsidiary while maintaining NASDAQ parent
What happened
MakeMyTrip Ltd, a leading travel technology company listed on the NASDAQ, has confidentially submitted a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for the initial public offering of its wholly owned Indian subsidiary, MakeMyTrip (India) Limited. This filing marks a significant step towards launching an India-based IPO, focusing on raising capital through an offer-for-sale (OFS) of shares held by MakeMyTrip Ltd and its Singapore-based wholly owned subsidiary, ibibo Group Holdings Pte Ltd, which MakeMyTrip acquired in 2016 for approximately $720 million in an all-stock transaction.
As part of the proposed IPO, the Indian entity will remain a subsidiary of the NASDAQ-listed parent and its financial results will be consolidated within MakeMyTrip Ltd's reports. The offer-for-sale is projected to raise over $1 billion, positioning MakeMyTrip India as a separately listed entity while maintaining corporate ownership structure. Preceding the filing, MakeMyTrip has reorganized its brands by merging RedBus into its Indian subsidiary and expanded its portfolio with minority stakes in visa services platform Atlys and holiday packages company Flamingo Transworld.
Why it matters
MakeMyTrip's decision to pursue an India IPO reflects a strategic pivot to strengthen its presence in the domestic market and capitalize on India’s growing online travel industry. Although the parent company listed on the NASDAQ in 2010 for access to mature capital markets and institutional investors, evolving market dynamics and the competitive landscape in Indian technology recruitment have motivated the firm to seek listing in its home country. This move is expected to elevate MakeMyTrip India’s brand visibility and help it incentivize talent in a highly contested recruitment environment.
Further, listing domestically can facilitate greater liquidity for shareholders and attract awareness from Indian institutional and retail investors. The company is also exploring options to enable fungible trading of securities across India and US markets, potentially offering seamless cross-border investment opportunities. Despite recent financial challenges including a 45.8% year-on-year profit decline in FY26 and slower revenue growth, the IPO could provide the company with renewed capital and market positioning to support future expansion.
What to watch next
Market participants should closely monitor the formal IPO filing timeline and pricing details once MakeMyTrip transitions from confidential to public disclosures. The timing is expected within Q1 FY27, backed by investment banks Axis Capital, Morgan Stanley, and JP Morgan engaged as advisers. Watch for investor appetite in the OFS-only structure which will not raise fresh capital but provide selling shareholders liquidity.
Additionally, investors will be keen on corporate actions following the IPO, including the possibility of securities fungibility between the Indian and US listings and how MakeMyTrip plans to deploy proceeds or restructure ownership further. Tracking MakeMyTrip’s financial performance and competitive positioning in the online travel sector post-listing will also be critical to understanding the long-term success of its India market strategy.