MakeMyTrip IPO: Travel Platform is Reportedly Eyeing A $1 Billion+ Listing in India

As per Moneycontrol news reports, online travel company MakeMyTrip is preparing to launch an initial public offering (IPO) in India, despite already being listed on the NASDAQ. The proposed public issue is reportedly expected to raise more than $1 billion, making it one of the largest IPOs by an internet-based company in the country.

Reports suggest the company may submit its draft papers to the Securities and Exchange Board of India (SEBI) in the coming days. However, MakeMyTrip has not officially announced the IPO or disclosed its proposed issue size or timeline.

MakeMyTrip May Opt for Confidential Filing

According to news reports, MakeMyTrip is likely to use SEBI's confidential pre-filing mechanism for its proposed IPO.

This route, introduced by the market regulator in 2022, allows companies to submit draft offer documents without immediately disclosing financial statements, business information, and other commercially sensitive details to the public. The process enables companies to obtain regulatory feedback before making key information public, offering greater flexibility during the IPO process.

The confidential filing route has increasingly been adopted by companies seeking to safeguard strategic information while evaluating market conditions.

Offer Likely to Be Structured as an OFS

News reports indicate that the proposed IPO is expected to be largely structured as an Offer for Sale (OFS), allowing existing shareholders to sell part of their holdings. If the issue is entirely an OFS, the company itself will not receive any proceeds from the public offering.

Reports further suggest that Kotak Mahindra Capital, Axis Capital, JP Morgan, and Morgan Stanley have been appointed as advisors for the proposed issue. The final size, valuation, and share sale structure will be known once the company files its offer documents.

Conclusion

If the reported plans move forward, MakeMyTrip's India IPO could become one of the country's biggest technology listings in recent years. A domestic listing would also mark a significant milestone for India's online travel sector. Investors, however, should note that the proposed IPO is based on news reports, and the company is yet to make an official announcement regarding the filing, issue structure, pricing, or launch schedule.

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