MakeMyTrip files confidentially for IPO of Indian subsidiary MMT India

India's largest online travel company is preparing to give its home market a way to invest in it directly — a move that could reshape how the Nasdaq-listed group is valued and funded.

On July 17, MakeMyTrip Limited announced that its wholly-owned subsidiary MakeMyTrip (India) Limited ("MMT India") has confidentially filed a pre-filed draft red herring prospectus with the Securities and Exchange Board of India, BSE Limited, and the National Stock Exchange of India for a proposed initial public offering and listing of MMT India's equity shares on the Main Board of both exchanges.

What the offering looks like

The proposed IPO is expected to be a sale of existing equity shares in MMT India by MakeMyTrip and its wholly-owned Singapore subsidiary, ibibo Group Holdings. After the offering, MMT India will remain a subsidiary of MakeMyTrip and continue to be consolidated in the parent's financial statements — this is a partial listing, not a spin-off.

Net proceeds go to the parent, not the subsidiary. MakeMyTrip says the funds will strengthen its cash position and are expected to be used for long-term growth, strategic inorganic initiatives, and repurchases of different classes of its securities, including convertibles.

Why it matters

• A domestic currency for an Indian market leader. MakeMyTrip has been listed on Nasdaq since 2010. A Mumbai listing gives Indian institutional and retail investors direct access to the group's core business — MakeMyTrip, Goibibo, and redBus — and could capture the valuation premium Indian exchanges have awarded to domestic internet listings.
• Talent and brand. The company says the listing should enhance brand visibility and help MMT India incentivize technology talent in a competitive recruitment market, pointing to stock-based compensation in a locally listed security.
• A possible dual-listed future. Subject to regulatory approvals, MakeMyTrip and MMT India say they may evaluate alternatives in the medium term to give shareholders a security at the MMT India level that is fungible and listed across both Indian and US capital markets.

No offering size, price range, or timetable was disclosed; the pre-filing route keeps the draft prospectus confidential while SEBI reviews it. The announcement is not an offer of securities in the United States.

MakeMyTrip operates an asset-light travel marketplace spanning flights, hotels and alternative accommodations, holiday packages, bus and rail tickets, and ancillary financial services, with a growing presence in the UAE and redBus operations in Southeast Asia and Latin America.