17 - 07 - 2026

MakeMyTrip India files initial papers for confidential public offering

Nasdaq-listed online travel company MakeMyTrip Ltd has pre-filed a draft red herring prospectus (DRHP, or early papers) on a confidential basis for the initial public offering (IPO) of its wholly-owned Indian unit.

The DRHP, filed with India’s market regulator Securities and Exchange Board of India (Sebi), states the firm intends to list the shares of MakeMyTrip (India) Limited (MMT India) on both Indian the BSE Limited and the National Stock Exchange of India Limited.

Being a confidential filing, further details such as valuation, pricing of shares and amount to be raised were not immediately available.

However, certain Indian media, quoting sources they didn’t identify, expected the company to be raising up to $1 billion from the listing in India.

SEC Statement

The IPO will result in the sale of equity shares in MMT India and its wholly-owned subsidiary ibibo Group Holdings (Singapore) Pte. Ltd, according to a statement issued to by the parent company to the US Securities and Exchange Commission (SEC).

MMT India will continue to be a subsidiary of MakeMyTrip and will be included in MakeMyTrip’s consolidated financial statements.

SEBI’s “confidential pre-filing” mechanism allows companies to submit draft documents for regulatory review without making them immediately available to the public.

“MakeMyTrip expects the proposed IPO and listing of MMT India to enhance its brand visibility and support MMT India’s ability to incentivise and promote talent in a competitive technology recruitment landscape. The net proceeds will further strengthen the cash position of MakeMyTrip and would be utilised for long-term growth, strategic inorganic initiatives and repurchases of different classes of securities (including convertible securities) by MakeMyTrip,” the statement said.

Subject to regulatory approvals, MakeMyTrip and MMT India may evaluate alternatives in medium-term to enable our respective shareholders to enjoy the benefits of a security at MMT India level that is fungible and listed across India and US capital markets, it added.

A number of companies such as Blackstone-backed AGS Health, PGP Glass, Shreni Shares, SRIT India, Swiggy, Tata Capital, Vishal Mega Mart, Credila Financial Services, Indira IVF, PhysicsWallah and PhonePe among others had opted for confidential route for IPO.