MakeMyTrip Weighs India Listing Via IDRs as Domestic Travel Market Heats Up

MakeMyTrip, India's largest online travel platform and Nasdaq-listed under the ticker MMYT, is evaluating a domestic Indian listing for its India business through Indian Depository Receipts, according to a Bloomberg report published April 29. The company has appointed Axis Capital, Morgan Stanley, and JPMorgan as financial advisers for the proposed offering.

No timeline has been set, and MakeMyTrip has not confirmed the IDR route officially. The company says it is evaluating a listing and has left multiple options open — including a conventional domestic IPO — but the IDR structure appears to be the preferred direction for now.

What IDRs actually are

The IDR route is structurally different from a standard IPO. Rather than issuing new shares on Indian exchanges, MakeMyTrip would create depository receipts — India-traded instruments backed by its existing overseas-listed shares, held by a custodian. Indian institutional and retail investors would hold receipts rather than shares directly. The company stays listed on Nasdaq; it simply adds a local instrument that gives domestic investors easier access.

The tax structure is a key driver. MakeMyTrip's holding company is based in Mauritius, and a conventional secondary share sale or direct domestic listing would create significant tax friction given that structure. IDRs sidestep part of that problem — which is why the company is leaning toward them over a cleaner but costlier alternative.

Internal consolidation done first

Ahead of any potential offering, MakeMyTrip has already done the preparatory work. It has consolidated Goibibo and RedBus India, two of the country's most-used online travel brands, under its India entity. That simplifies the corporate structure and makes the Indian business easier to present as a standalone, investable asset. The brands will continue to operate independently in the market; the consolidation is a back-office and holding-company change.

What it could mean for operators

For hotel operators and property managers working in the Indian market, a domestic listing has practical downstream effects worth watching. A higher domestic capital-markets profile typically gives a company better access to local institutional funding. For MakeMyTrip, that could translate into more product investment, more marketing spend, and faster expansion into tier-2 and tier-3 Indian cities — markets that have grown sharply over the past two years as air connectivity improves.

India is now consistently among the world's fastest-growing outbound and domestic travel markets. MakeMyTrip processes a large share of Indian domestic air and hotel bookings, and a stronger capital position could accelerate the push into new markets and verticals.

That same growth potential makes the space more competitive. A higher-profile MakeMyTrip could attract fresh rivals and push all domestic OTAs to sharpen their terms for partner properties. It is worth keeping an eye on commission structures and promotional requirements over the next 12 to 18 months if this listing moves forward.