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MakeMyTrip eyes $1 billion India IPO with confidential filing
Travel platform may file draft papers next week as OFS-led issue gathers pace
MUMBAI: Looks like MakeMyTrip is booking its biggest journey yet, this time, to Dalal Street. The Nasdaq-listed travel platform is preparing to confidentially file draft papers for an Indian initial public offering (IPO) worth more than $1 billion, signalling the next leg of its long-awaited homecoming.
The company could submit its confidential draft papers as early as next week. The proposed issue is expected to be largely an offer for sale (OFS), although the final structure is yet to be decided. The report said Kotak Mahindra Capital, Axis Capital, JP Morgan and Morgan Stanley have been appointed as advisors for the proposed public issue.
MakeMyTrip had already indicated its intentions in May, confirming that it was evaluating a listing of its Indian business as part of its long-term strategy. The company said a domestic listing would provide access to Indian institutional and retail investors while creating a listed equity currency to support future acquisitions and expansion.
It also believes an Indian listing would strengthen its brand in its largest market, reinforce its leadership position and support long-term growth. However, the company noted that any IPO would remain subject to regulatory approvals, market conditions and corporate considerations.
If the offering goes ahead, it could rank among India’s largest internet IPOs in recent years, joining a list that includes Paytm’s Rs 18,300 crore issue, Swiggy’s Rs 11,327 crore offering and Zomato’s Rs 9,375 crore public debut.
The proposed listing comes on the back of a strong operational performance. For the financial year ended 31 March 2026, MakeMyTrip crossed $10 billion in annual gross bookings for the first time. Co-founder and Group CEO Rajesh Magow said adjusted margins delivered double-digit year-on-year growth in constant currency across major businesses, with bus ticketing leading the way, followed by hotels and holiday packages, air ticketing and the Others segment.
The company’s latest closing price gives it a Nasdaq market capitalisation of about $5.42 billion, underscoring the scale of the proposed Indian listing.
MakeMyTrip is expected to use SEBI’s confidential pre-filing route, introduced in November 2022, which allows companies to keep financial details, business information and risk disclosures private while the regulator reviews the application. The mechanism also gives issuers greater flexibility to delay or withdraw listing plans without making sensitive information public.
Several prominent companies, including Tata Capital, Swiggy, Vishal Mega Mart, Credila Financial Services, Indira IVF, PhysicsWallah and PhonePe, have previously chosen the confidential filing route.
If successful, the IPO would not only mark MakeMyTrip’s return to Indian capital markets but also add another heavyweight to the country’s fast-growing roster of listed new-age technology companies.
