Nasdaq-listed MakeMyTrip India has officially filed its draft red herring prospectus (DRHP) for an initial public offering of more than $1 billion via the confidential route, as confirmed in a regulatory filing to the US SEC on July 17. The filing represents the formal commencement of the IPO process after months of preparation, with the company's wholly-owned subsidiary MakeMyTrip (India) Limited having confidentially filed pre-filed draft red herring prospectus with SEBI, BSE and NSE in relation to the proposed initial public offering and listing of equity shares on the main board of stock exchanges. The filing was first reported by Moneycontrol on July 15, with the mega issue likely consisting of an offer for sale (OFS) though a final decision on structure remains pending. According to The Hindu BusinessLine, the company plans to list shares at stock exchanges through an offer for sale route, with the company expecting the proposed listing to enhance its brand visibility and support its ability to incentivise and promote talent in a competitive technology recruitment landscape. In a regulatory filing to NASDAQ, the travel booking platform confirmed that the proposed initial share sale will involve a sale of equity shares in the Indian unit by MakeMyTrip and its wholly owned subsidiary, ibibo Group Holdings (Singapore) Pte. Ltd.
According to co-founder and Group CEO Rajesh Magow, MakeMyTrip surpassed its annual Gross Bookings milestone of $10 billion for the year ending March 31, 2026, as confirmed on May 16. The company achieved double-digit year-on-year growth in Adjusted Margins in constant currency across all major verticals, with Bus Ticketing leading at 29%+, followed by Hotels and Packages at 15%+, and Air Ticketing with 13%+. The 'Others' category showed impressive 37% year-on-year growth. The company continues to see strong long-term travel demand in India, supported by a growing middle class, rising spending on travel, higher digital adoption and low penetration of organised travel services. For the full year ended March 2026, the company reported revenue of $1 billion.
The proposed initial public offering is expected to involve a sale of equity shares in MMT India by MakeMyTrip and its wholly-owned subsidiary, ibibo Group Holdings (Singapore) Pte. Ltd.), as disclosed in the July 17 regulatory filing. Upon completion of the proposed initial public offering, MMT India will continue to be a subsidiary of MakeMyTrip and will be included in MakeMyTrip's consolidated financial statements. The company expects the listing to enhance brand visibility and support MMT India's ability to incentivize and promote talent in the competitive technology recruitment landscape. The Gurugram-headquartered travel company disclosed the plan in a regulatory filing with Nasdaq. According to The Hindu BusinessLine, the IPO is expected to comprise an offer for sale (OFS) of equity shares held by MakeMyTrip Ltd. and its wholly owned subsidiary, ibibo Group Holdings (Singapore) Pte. Ltd.). The filing also revealed that the net proceeds received by MakeMyTrip and ibibo Holdings from the sale of shares in MMT India will further strengthen the cash position of MakeMyTrip and are expected to be utilized for long-term growth, strategic inorganic initiatives and repurchases of different classes of securities (including convertible securities) by MakeMyTrip. Subject to regulatory approvals, MakeMyTrip and MMT India may evaluate alternatives in medium-term to enable respective shareholders to enjoy the benefits of a security at MMT India level that is fungible and listed across India and US capital markets.
MakeMyTrip serves 87 million+ lifetime transacted retail customers and over 77,000 SME and large corporate customers, with 549 million+ app downloads. The platform has sold 32.5 million+ hotel room nights under its hotels and package business and 104.6 million+ bus tickets, as reported in the company's May 16 disclosure. The company's market cap on Nasdaq based on the last close is around $5.42 billion, though it has declined over the last year from $12.6 billion in May 2025 to $3.88 billion as of April 2026, according to data from Tracxn. The IPO filing comes at a time when India's travel and tourism market has seen a strong recovery after the pandemic, helped by higher domestic travel, premium leisure demand, business travel and greater use of online booking platforms. A listing of MakeMyTrip India would give domestic investors a chance to invest directly in one of the country's largest online travel platforms. MakeMyTrip is a leading travel service provider in India, offering travel products and services including air tickets, hotels, holiday packages, car hire, rail tickets, tours and attractions and ancillary services. Its customers can discover, plan, compare, book and manage a variety of travel products and services through its digital-first, omni-channel distribution platform. Additionally, it provides foreign exchange, cross-border remittances, prepaid forex cards, visa-processing and travel assurance services.
The net proceeds received by MakeMyTrip and ibibo Holdings from the sale of shares in MMT India will further strengthen the cash position of MakeMyTrip and are expected to be utilized for long-term growth, strategic inorganic initiatives and repurchases of different classes of securities (including convertible securities) by MakeMyTrip. Subject to regulatory approvals, MakeMyTrip and MMT India may evaluate alternatives in medium-term to enable respective shareholders to enjoy the benefits of a security at MMT India level that is fungible and listed across India and US capital markets. According to Business Standard, market watchers noted that the dual listing would improve the company's liquidity and valuation, with the cash-rich company actively looking to expand through acquisitions in niche spaces that complement its existing businesses, including its recent acquisition of a majority stake in Flamingo Transworld.
