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MakeMyTrip India files DRHP for India IPO through confidential route

Parent co MakeMyTrip Ltd and ibibo Group Holdings to undertake OFS

MakeMyTrip has confidentially filed draft IPO papers with Sebi for its India unit, aiming to list on the BSE and NSE while strengthening growth and capital access. (Photo: AdobeStock)

Gulveen Aulakh New Delhi

2 min read Last Updated : Jul 17 2026 | 10:10 PM IST

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Nasdaq-listed MakeMyTrip (MMT) Ltd said on Friday that its India unit, a wholly-owned subsidiary, had pre-filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), on a confidential basis, for the initial public offering (IPO) of MMT India.

According to sources, the company may look at raising up to $1 billion from the India listing.

The Indian IPO of India's largest travel aggregating platform that listed in the US back in 2011, will entail sale of equity shares in MMT India by MakeMyTrip and its wholly-owned subsidiary, ibibo Group Holdings (Singapore) Pte. Ltd, the company said in its statement to the US Securities and Exchange Commission (SEC) on Friday.

MMT India will continue to be a subsidiary of MakeMyTrip and be included in MakeMyTrip’s consolidated financial statements.

“MakeMyTrip expects the proposed IPO and listing of MMT India to enhance its brand visibility and support MMT India’s ability to incentivise and promote talent in a competitive technology recruitment landscape. The net proceeds received by MakeMyTrip and ibibo Holdings from the sale of shares in MMT India will further strengthen the cash position of MakeMyTrip. They may be utilised for long-term growth, strategic inorganic initiatives and repurchase of different classes of securities (including convertible securities) by MakeMyTrip,” the company said.

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Subject to regulatory approvals, the US and India listed entities may evaluate alternatives in the medium-term “to enable our respective shareholders to enjoy the benefits of a security at MMT India level that is fungible and listed across India and US capital markets.”

Market watchers said the dual listing, and hence, trading of the stock in the US and India at the same time in both currencies would improve liquidity and valuation of the company.

Business Standard reported in June that MMT chief executive officer (CEO) Rajesh Magow told Business Standard in June that the company's IPO plans for India were in the works.

He added that the Indian travel market had matured with institutional capital coming in and consumer spend on travel rising.