MakeMyTrip Plans India IPO by Q1 2027, Hires Banks

Key Takeaways

• MakeMyTrip targets Q1 2027 for its India listing, with plans to add more banks to the advisory syndicate
• The company completed internal restructuring, merging RedBus India with MakeMyTrip (India) Pvt Ltd ahead of the proposed IPO
• MakeMyTrip currently has a market cap over $5 billion and processed more than 87 million transactions

MakeMyTrip, India's largest online travel company, is working toward a secondary listing on Indian stock exchanges by the first quarter of 2027. The company, which has traded on Nasdaq since 2010, has hired three major investment banks to advise on the share sale.

According to Bloomberg, MakeMyTrip has appointed Axis Capital, Morgan Stanley, and JP Morgan as advisers. The company plans to bring additional banks into the syndicate as discussions progress.

Key details remain undecided. The issue size, valuation, and final timeline are still under discussion. MakeMyTrip has not confirmed the report publicly.

Why MakeMyTrip Wants an India Listing

The company has been clear about its reasons. A domestic listing would give MakeMyTrip access to capital from Indian institutional and retail investors. It would also strengthen the company's presence in its core market.

MakeMyTrip listed on Nasdaq in 2010 because US markets offered better maturity and stronger institutional capital access for technology businesses at the time. Indian markets have since evolved. Domestic tech IPOs like Zomato, Nykaa, and Paytm have demonstrated appetite for technology stocks, even if post-listing performance has been mixed.

The company has also completed structural groundwork. RedBus India was merged with MakeMyTrip (India) Pvt Ltd, consolidating key brands under a single Indian entity. This restructuring positions the company for a cleaner domestic listing.

Recent Financial Performance

MakeMyTrip's recent results show a mixed picture. Net profit fell 73% to $7.3 million in Q3 FY26, down from $27.1 million in the same quarter last year. The company attributed the decline to higher finance costs.

Revenue growth remains healthy. Operating revenue rose 11% year-over-year and 29% sequentially to $295.7 million during the quarter. The company continues to expand through acquisitions. Recent deals include a minority stake in visa processing platform Atlys and holiday packages company Flamingo Transworld.

Company Background

Founded in 2000, MakeMyTrip has grown into India's dominant online travel platform through organic expansion and acquisitions. The company acquired Goibibo and RedBus, building a presence across air ticketing, hotels, and intercity bus bookings.

The numbers reflect its scale. MakeMyTrip has processed more than 87 million transactions for retail consumers and serves over 77,000 SME and large enterprise customers.

What Remains Uncertain

MakeMyTrip has said its India listing depends on regulatory approvals, corporate considerations, and favorable market conditions. The company has not disclosed a target issue size or valuation range.

If the listing proceeds, MakeMyTrip would join a small group of Nasdaq-listed Indian companies seeking secondary domestic listings. The structure of such an offering, whether primary shares, secondary sales by existing shareholders, or a combination, has not been disclosed.

Frequently Asked Questions

When will MakeMyTrip list in India?

The company is targeting Q1 2027 for its India listing, though this depends on regulatory approvals and market conditions.

Which banks are advising MakeMyTrip on the IPO?

Axis Capital, Morgan Stanley, and JP Morgan have been appointed as advisers. The company plans to add more banks to the syndicate.

Is MakeMyTrip already listed on a stock exchange?

Yes, MakeMyTrip has been listed on Nasdaq since 2010. The India listing would be a secondary listing, not a replacement.

What is MakeMyTrip's current market cap?

MakeMyTrip's market capitalization currently exceeds $5 billion on Nasdaq.

How large will the MakeMyTrip India IPO be?

The issue size has not been disclosed. Discussions are ongoing and key details including valuation remain undecided.

Source: Inc42 Media / Shrishti Bisht