MakeMyTrip Eyes India IPO 15 Years Post-Nasdaq Debut
By ThePip Desk
MakeMyTrip files confidentially for an India IPO for its subsidiary, 15 years after its Nasdaq listing. The move aims for dual-listing and an Offer for Sale by shareholders.
🔥 Main Takeaway
MakeMyTrip, already a Nasdaq veteran, just confidentially filed for an India IPO for its subsidiary, signaling a major move to boost its domestic presence and offer a unique dual-listing opportunity.
📌 What Happened?
India’s leading online travel platform, MakeMyTrip, submitted confidential Draft Red Herring Prospectus (DRHP) papers to SEBI on July 17 for an Initial Public Offering (IPO) of its wholly-owned Indian subsidiary.
This strategic filing comes 15 years after the company first debuted on Nasdaq in 2011, marking a significant shift towards the Indian capital market.
The upcoming IPO is primarily an ‘Offer for Sale’ (OFS). This means existing shareholders, including MakeMyTrip Limited and ibibo Group Holdings (Singapore), will be selling parts of their stakes, with the proceeds going to them directly, not into the company’s fresh capital.
Big players like Kotak Mahindra Capital, Axis Capital, JPMorgan India, and Morgan Stanley India have been appointed as the book-running lead managers for this offering.
💰 Why It Matters
This IPO opens a direct investment channel into India’s largest online travel platform for domestic investors, which was previously only accessible via its US-listed parent.
It’s a strong market signal that even established global Indian companies are keen on bolstering their brand visibility and market access within India, potentially setting a trend for others.
MakeMyTrip is exploring a dual-listing structure, aiming to offer fungible securities across both Indian and US capital markets. This could give investors unprecedented flexibility and broader trading options.
The move isn’t just about money; it’s also designed to enhance MakeMyTrip’s brand presence in its home market and sharpen its edge in attracting and retaining top tech talent.
👀 What to Watch Next
Expect more details on the IPO’s crucial aspects, such as issue size, valuation, and exact price band, to emerge as SEBI’s confidential pre-filing route allows for later disclosure.
Keep an eye on how this dual-listing structure will actually function in practice and what it means for the liquidity and investor experience across both markets.
The competitive landscape in India’s online travel sector, currently featuring rivals like EaseMyTrip and Flipkart-owned Cleartrip, will likely heat up as MakeMyTrip strengthens its domestic capital base.