On July 17, 2026, MakeMyTrip, the largest online travel platform in India and a Nasdaq listed company since 2010, formally confirmed that its wholly owned Indian subsidiary, MakeMyTrip (India) Ltd, also known as MMT India, had secretly submitted a Draft Red Herring Prospectus to SEBI for an IPO and listing on the BSE and NSE. The proposed IPO is expected to raise up to $1 billion and will involve the sale of equity shares in MMT India by MakeMyTrip Ltd and its wholly owned subsidiary ibibo Group Holdings (Singapore) Pte. Ltd. The final structure of the issue including the balance between a fresh share issuance and an offer for sale has not yet been finalised. Following the completion of the Indian IPO, MMT India will continue to be a subsidiary of MakeMyTrip, and its financial results will continue to be consolidated with those of the parent company on Nasdaq.
MakeMyTrip has engaged Kotak Mahindra Capital, Axis Capital, JP Morgan, and Morgan Stanley as bankers for the proposed listing. The company used SEBI’s confidential pre-filing route, introduced in November 2022, which allows companies to keep financial details, business information, and risk disclosures private from competitors during the regulatory review process. It also gives the company greater flexibility to defer or withdraw listing plans based on market conditions without having publicly disclosed sensitive information. MakeMyTrip had first flagged the idea of a domestic listing in May 2026 through a disclosure in a US SEC filing, and confirmed it was evaluating the plan as part of its long-term strategy. The filing confirmed today marks the shift from evaluation to formal execution.
“MakeMyTrip India files DRHP for India IPO through confidential route with SEBI. The IPO will involve sale of equity shares in MMT India by MakeMyTrip Ltd and ibibo Group Holdings. Company could raise up to $1 billion from the India listing. BSE and NSE listing targeted.”~Business Standard
$10 Billion in Gross Bookings and Double-Digit Margin Growth Back the Listing:
The IPO push comes on the back of one of MakeMyTrip’s strongest financial performances to date. For the financial year ended March 31, 2026, the company crossed $10 billion in annual gross bookings for the first time in its history. Full-year revenue from operations hit $1 billion. Co-founder and Group CEO Rajesh Magow confirmed that adjusted margins grew in double digits year-on-year in constant currency across all major business segments led by bus ticketing at over 29%, followed by hotels and packages at over 15%, air ticketing at over 13%, and the Others category growing 37% year-on-year. MakeMyTrip’s Nasdaq market capitalisation stood at approximately $5.42 billion based on its latest closing price before the announcement. A domestic Indian listing of $1 billion would, if successful, make it the largest travel-sector IPO in Indian market history.
The company has also been actively investing in AI across its platform, integrating it into search, pricing, customer service, and back-end operations. In a recent acquisition, it picked up a majority stake in Flamingo Transworld, a regional group holiday packages business, as part of its stated strategy of expanding through niche acquisitions that complement its core travel aggregation services.
“MakeMyTrip is set to confidentially file for a $1 billion+ India IPO. Investment banks Kotak Mahindra Capital, Axis Capital, JP Morgan and Morgan Stanley are advising on the proposed issue. If it goes through, this would likely be the largest-ever travel-sector listing in India.”~Skift
Confidential Filing Route Shields Competitive Secrets During SEBI Review:
The choice to employ SEBI’s confidential pre-filing option has strategic consequences. Unlike the traditional DRHP procedure, which makes financial metrics, risk disclosures, and business details available immediately upon filing, the secret route keeps all of that information private until the company is ready to go on to the public draft stage. For a company competing in a competitive travel aggregation market with Yatra, EaseMyTrip, and overseas players, protecting forward-looking financial facts and business strategy from competitors throughout the regulatory review process is a significant advantage.
In March 2026, US-based Morpheus Research accused MakeMyTrip of continuing to engage in illegal hotel price parity practices on its platform. The Competition Commission of India fined MakeMyTrip ₹223 crore for this practice in 2022. That report helped to drive MakeMyTrip’s Nasdaq market value down from $12.6 billion in May 2025 to around $3.88 billion in April 2026.
“MakeMyTrip files confidential DRHP with SEBI for India IPO. The company’s wholly owned subsidiary MMT India has submitted papers for listing on BSE and NSE. The IPO will be an OFS by MakeMyTrip and ibibo Group Holdings Singapore. Kotak, Axis, JP Morgan, Morgan Stanley are advisors.”~Free Press Journal
A Homecoming 16 Years in the Making and What It Means for Indian Investors?
MakeMyTrip listed on Nasdaq in August 2010, becoming one of the first Indian internet companies to access American public markets. For sixteen years, Indian retail investors who wanted to participate in the country’s largest online travel platform’s growth had no direct route to do so on domestic exchanges. The Indian IPO changes that. A domestic listing would give Indian institutional and retail investors direct access to MakeMyTrip’s equity, create a local currency instrument for the company’s India business, and strengthen its brand positioning among Indian customers and partners.
It would also set a precedent for other Nasdaq-listed Indian companies that are weighing dual listings or subsidiary listings on Indian exchanges as the domestic capital market deepens. MakeMyTrip’s India business which includes Goibibo, redBus, and its flights and hotels platform is the company’s operational core, making MMT India’s listing a genuinely substantive event rather than simply a financial restructuring exercise. The outcome of SEBI’s confidential review will determine when the full DRHP becomes public and when the listing timeline is set.
“MakeMyTrip to confidentially file $1 billion India IPO with Kotak, Axis, JP Morgan and Morgan Stanley as advisors. Company crossed $10 billion in gross bookings in FY26. Revenue hit $1 billion. The IPO is expected to be largely an offer for sale by MakeMyTrip and ibibo Group Holdings.”~Outlook Business
