Key Takeaways
- MakeMyTrip India Ltd has submitted confidential IPO papers to SEBI for a main board listing on BSE and NSE
- The IPO involves share sales by MakeMyTrip and ibibo Group Holdings Singapore, with proceeds earmarked for growth and potential buybacks
- MakeMyTrip India will remain a subsidiary post-IPO, with financials consolidated into the NASDAQ-listed parent
MakeMyTrip has filed confidential IPO papers with SEBI for its Indian subsidiary, MakeMyTrip India Ltd. The filing, submitted to BSE and NSE, marks the first step toward giving domestic investors direct access to one of the country's largest online travel platforms.
The Gurugram-based company disclosed the plan in a regulatory filing with NASDAQ, where its parent entity has traded since 2010. The proposed IPO will involve a sale of equity shares in MakeMyTrip India by both MakeMyTrip and ibibo Group Holdings (Singapore) Pte Ltd, its wholly owned subsidiary.
What does the confidential filing mean?
A confidential filing lets companies submit IPO documents to SEBI without public disclosure. The approach is common when firms want regulatory feedback before revealing financial details. It also keeps pricing discussions private until closer to the actual listing.
MakeMyTrip India will remain a subsidiary after the IPO. Its financial results will continue to be consolidated with the parent company's books. This structure preserves operational control while creating a separate equity vehicle for Indian investors.
Where will the proceeds go?
The company said sale proceeds from MakeMyTrip and ibibo Holdings will strengthen MakeMyTrip's cash position. Funds are expected to support long-term growth, strategic acquisitions, and repurchases of various securities including convertible instruments.
There's no fresh equity issuance mentioned in the filing. This is a pure offer-for-sale structure, meaning existing shareholders cash out rather than the company raising new capital. For the parent entity trading on NASDAQ, the India listing creates a partial liquidity event and values the domestic business separately.
The scale MakeMyTrip brings to market
MakeMyTrip's filing highlights its dominant position in India's online travel market. The company reports over 87 million lifetime transacted retail customers and more than 77,000 SME and large corporate accounts.
Its app has crossed 549 million downloads. The hotels and packages business has sold over 32.5 million room nights, while bus ticket sales exceed 104.6 million. These numbers reflect the consolidation MakeMyTrip achieved after its 2016 merger with ibibo Group, which brought Goibibo and redBus under the same roof.
The company cited strong long-term travel demand in India, pointing to a growing middle class, rising travel spend, higher digital adoption, and low penetration of organized travel services. Post-pandemic recovery has accelerated these trends, with domestic leisure and business travel both contributing to growth.
Why list in India now?
MakeMyTrip has traded on NASDAQ for 15 years. A domestic listing serves multiple purposes. First, it creates brand recognition and employee incentive structures tied to an Indian-traded stock. Second, it gives domestic retail and institutional investors direct exposure to the travel recovery story.
The timing aligns with broader momentum in Indian tech IPOs. Companies like Zomato and Nykaa have shown that consumer internet businesses can command premium valuations on Indian exchanges, despite mixed post-listing performance.
For MakeMyTrip, an India listing also simplifies the investment thesis for local fund managers who face restrictions on overseas holdings. The company estimates it controls over 75% of India's online travel agency market, a position that warrants dedicated domestic coverage.
What remains unknown
The filing is confidential, so key details stay under wraps. The IPO size, price band, timing, and specific shareholding changes will emerge only after SEBI completes its review. Companies typically take two to four months to move from confidential filing to public draft.
MakeMyTrip's parent trades at a market cap of roughly $1.3 billion on NASDAQ. How the India subsidiary gets valued relative to the consolidated entity will be the central question for investors.
Logicity's Take
The structure here is worth watching. MakeMyTrip isn't just dual-listing the parent entity. It's carving out the India unit as a separate publicly traded subsidiary while keeping it consolidated. This lets the company tap Indian capital markets, create local stock-based compensation, and still maintain control. For tech founders weighing NASDAQ versus domestic listing, this hybrid approach offers a third path. The trade-off is complexity: two sets of public market obligations, two investor bases with different expectations. Whether the valuation premium justifies the overhead will depend on how much domestic institutions are willing to pay for direct exposure to India's dominant OTA.
Frequently Asked Questions
Is MakeMyTrip already publicly traded?
Yes. The parent company, MakeMyTrip Limited, has been listed on NASDAQ since 2010. This filing is for its Indian subsidiary, MakeMyTrip India Ltd, which would trade on BSE and NSE.
What is a confidential IPO filing?
A confidential filing allows companies to submit IPO documents to regulators privately. The information becomes public only when the company files a draft red herring prospectus closer to the actual listing.
Will MakeMyTrip India raise fresh capital?
Based on the disclosure, the IPO involves an offer-for-sale by existing shareholders. No fresh equity issuance has been mentioned.
When will the MakeMyTrip India IPO happen?
Timing is not disclosed. Confidential filings typically take two to four months to reach the public draft stage, after which the company sets a launch date.
Who are MakeMyTrip's main competitors?
In the online travel agency space, MakeMyTrip competes with Booking.com, EaseMyTrip, Yatra, and Cleartrip (owned by Flipkart).
Another major Indian investment story shaping tech infrastructure
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Source: Tech-Economic Times / ET
Huma Shazia
Senior AI & Tech Writer
Produced with AI assistance and reviewed by the Logicity editorial team. Learn more in our Editorial Policy.
