MakeMyTrip has taken the formal first step toward an Indian initial public offering by filing a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The filing, submitted by the company’s wholly-owned subsidiary MakeMyTrip (India) Limited, marks a strategic pivot for the online travel giant, which has traded on the Nasdaq under the ticker MMYT since 2010.
The move signals the company’s intent to raise capital and increase liquidity in its home market, where it holds a dominant position in the online travel sector.
The offering is structured as an equity share sale involving both MakeMyTrip Limited and its subsidiary, ibibo Group.
While specific details regarding the size of the raise, valuation, and timeline remain undisclosed in the confidential filing, the dual-entity structure suggests a comprehensive approach to unlocking value across its Indian operations.
The confidential nature of the DRHP allows the company to engage with regulators and potential investors without immediately disclosing sensitive financial data to the public, a common practice for large-cap listings in India.