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Capital & PolicyFunding|July 17, 2026, 09:51 PM
REGULATION WATCH:

MakeMyTrip Files Confidential India IPO For MMT India

BySendTech Times Capital & Policy DeskNewsroom-edited, source-reviewed coverage|Source: Inc42
Newsroom brief

Inc42 reported that MakeMyTrip has confidentially filed a draft red herring prospectus with SEBI for an India IPO of MakeMyTrip (India) Limited. The filing structure is an offer for sale by the Nasdaq-listed parent and GoIbibo, while price range, share count, listing date and final issue size remain undisclosed.

Verified against source materialEdited by SendTech Times Capital & Policy Desk
MakeMyTrip Files Confidential India IPO For MMT India
Image source: Inc42

MakeMyTrip has filed confidentially with SEBI for a MakeMyTrip India IPO, setting up a domestic listing process for MakeMyTrip (India) Limited while the travel-tech group remains listed on Nasdaq.

Inc42 wrote that Nasdaq-listed MakeMyTrip Ltd disclosed the draft red herring prospectus filing in a regulatory filing with the SEC.

The Indian listed entity would continue as a subsidiary and remain in the parent company’s consolidated financial statements.

Offer For Sale Uses MakeMyTrip And GoIbibo Shares

The proposed IPO will consist entirely of an offer for sale of equity shares by MakeMyTrip Ltd and Singapore-based ibibo Group Holdings Pte Ltd, according to Inc42.

Inc42 reported a roughly $720 Mn value for the all-stock ibibo Group acquisition, which it dated to October 2016.

Reports cited by Inc42 put the possible offer-for-sale-only raise at over $1 Bn.

The company statement linked the proposed listing to brand visibility and talent incentives for MMT India in a competitive technology recruitment market.

MMT India Would Remain Under The Nasdaq Parent

The filing keeps the Indian entity tied to the US-listed group.

Inc42 wrote that MakeMyTrip may later explore alternatives that would allow shareholders to trade securities at an MMT India level that is fungible and listed across Indian and US capital markets.

According to Inc42, MakeMyTrip first listed on Nasdaq in 2010.

Inc42 placed the Indian listing evaluation in March 2026, when the Delhi NCR-headquartered group considered an IPO on Indian exchanges to increase its domestic market presence.

An earlier report cited by Inc42 named Axis Capital, Morgan Stanley and JP Morgan among advisers for the India IPO and put the targeted Indian bourse listing in Q1 FY27.

Ahead of the confidential filing, the travel company merged RedBus with its Indian entity and took minority stakes in Atlys and Flamingo Transworld.

FY26 Profit Fell As Revenue Rose

MakeMyTrip’s FY26 profit declined 45.8% year on year to $51.7 Mn, while revenue grew 6.7% year on year to $1.04 Bn, according to Inc42.

For Q4 FY26, Inc42 listed a 16.8% profit decline to $24.3 Mn and a 1.9% revenue increase to $250.1 Mn.

The filing described by Inc42 did not disclose the IPO price range, share count, listing date, final issue size, SEBI review timetable or post-listing free-float level.

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