MakeMyTrip wants to raise $1B+ via IPO in India
What's the story
Online travel services platform MakeMyTrip is planning to file draft papers for an initial public offering (IPO) of over $1 billion, as per Moneycontrol. The company will follow the confidential pre-filing route for one of India's largest internet listings in recent years. MakeMyTrip is likely to file its draft red herring prospectus with market regulator Securities and Exchange Board of India (SEBI) within a week.
Advisory team
Investment banks advising on proposed issue
Investment banks Kotak Mahindra Capital, Axis Capital, JPMorgan, and Morgan Stanley are advising on the proposed issue.
The IPO is likely to include an offer for sale (OFS), although a final decision on the issue structure is yet to be made.
On May 16, MakeMyTrip had confirmed its plans to list its Indian arm in India as part of its strategic priorities.
Listing impact
Listing in India could boost brand, strengthen leadership position
The company believes that a listing in India could help boost its brand, strengthen its leadership position, and support long-term growth.
However, it remains subject to market conditions, regulatory approvals, and corporate considerations.
Co-founder and Group CEO Rajesh Magow said the firm surpassed $10 billion in annual gross bookings for the year ending March 31, 2026.
Company expansion
Key details about the company
MakeMyTrip has over 87 million lifetime retail customers and over 77,000 SME and large corporate customers.
It has sold over 32.5 million hotel room nights and 104.6 million bus tickets.
The company was founded in 2000 by Deep Kalra and Magow. It has made several acquisitions to strengthen its position in the Indian market, including Goibibo, redBus, etc.