MakeMyTrip Ltd, the Nasdaq‑listed online travel platform, disclosed it is evaluating a potential listing of its Indian entity on domestic exchanges.
The move could give the company access to local liquidity, broaden its investor base, and reinforce its position in India, its largest market.
MakeMyTrip went public on Nasdaq in August 2010[1] and has since built a strong presence in India. Recent corporate restructuring merged its RedBus unit into a single Indian entity, a step that prepares the business for a stand‑alone offering[2].
In a filing dated March 16, 2024[2], the company said it is considering either a traditional Indian IPO or a listing via Indian Depository Receipts (IDR). Livemint said the IDR option[3], while VCCircle said the IPO route[1]; the two sources differ on the preferred mechanism. The filing did not specify a timeline, but the dual approach suggests the firm is keeping options open.
If the listing proceeds, Indian institutional and retail investors would gain direct exposure to a travel platform that accounts for a sizable share of online bookings in the country. Analysts expect the listing could boost the company’s valuation by tapping a deep pool of domestic capital and aligning its governance with local market expectations[5].
**What this means** – A domestic listing, whether through an IPO or IDR, would deepen MakeMyTrip’s integration with India’s capital markets, potentially improving funding flexibility and brand visibility. It also signals confidence in the post‑restructuring business model and may set a precedent for other foreign‑listed Indian tech firms seeking local capital.
“MakeMyTrip is weighing a domestic listing to tap local liquidity.”
A domestic listing, whether through an IPO or IDR, would deepen MakeMyTrip’s integration with India’s capital markets, potentially improving funding flexibility and brand visibility. It also signals confidence in the post‑restructuring business model and may set a precedent for other foreign‑listed Indian tech firms seeking local capital.
