MakeMyTrip Ltd. filed a confidential Draft Red Herring Prospectus with the Securities and Exchange Board of India on Friday to launch an initial public offering [1], [2].
The move signals a strategic shift for the travel aggregator as it seeks to capitalize on the growing domestic Indian market. By listing its subsidiary, MakeMyTrip India Ltd., the company aims to raise capital and strengthen its overall financial position [1], [3].
The filing occurred on July 17, 2026 [2]. This step comes 15 years after the company first listed on the Nasdaq [4]. The use of a confidential filing route allows the company to keep specific deal details private while SEBI reviews the documents.
According to the dossier, the company intends to use the proceeds to expand its market presence within India [1], [3]. This expansion comes at a time when digital travel bookings in the region have seen significant growth.
There are varying reports regarding the specific structure of the equity sale. Some reports indicate the offering includes equity shares in MakeMyTrip India Ltd. [5], while others state the offering involves an equity share sale by MakeMyTrip Limited, and its subsidiary, ibibo Group [6].
The company has not yet disclosed the final valuation or the total amount of capital it intends to raise through the offering. The confidential nature of the DRHP means that the full details of the share price, and volume, will remain undisclosed until the public launch of the IPO.
“MakeMyTrip filed a confidential Draft Red Herring Prospectus with the Securities and Exchange Board of India”
This filing represents a 'dual-listing' strategy in spirit, allowing the company to maintain its global presence on the Nasdaq while tapping into local liquidity and investor sentiment in India. By listing the subsidiary locally, MakeMyTrip can better align its capital structure with its primary growth market and potentially lower the cost of capital for Indian operations.
