Nasdaq-listed MakeMyTrip is preparing a confidential draft filing for an IPO in India expected to exceed $1 billion. This strategy allows the travel giant to keep sensitive business details private while seeking to tap into domestic capital markets. The company, which recently reported $10 billion in gross bookings, is working with major investment banks to finalize the process.
MakeMyTrip, the Nasdaq-listed online travel leader, is reportedly preparing to file confidential draft papers for an initial public offering (IPO) in India. The proposed listing is expected to be valued at over $1 billion, potentially marking one of the largest internet-based company debuts in the Indian market. The company is adopting the confidential pre-filing route introduced by the Securities and Exchange Board of India (SEBI) in late 2022. This process allows businesses to submit preliminary documents without disclosing sensitive competitive information to the public until they are closer to the final launch date.
Strategic Shift to Local Capital Markets
For a company already listed on the Nasdaq, an Indian IPO serves as a strategic move to strengthen its brand presence and tap into the local investor base. The company has engaged several prominent investment banks, including Kotak Mahindra Capital, Axis Capital, JP Morgan, and Morgan Stanley, to manage the offering. While the exact composition of the IPO—such as the balance between fresh share issuance and an offer for sale by existing shareholders—remains under internal review, the move aligns with the company’s stated long-term goal of deepening its roots in the Indian market.
Financial Context and Growth
The company recently concluded a strong financial year ending March 31, 2026. According to official reports from the company, gross bookings crossed the $10 billion mark. Growth was observed across all key segments, with bus ticketing leading at 29%, followed by hotel and package bookings at 15%, and air ticketing at 13%. The 'Others' category, which includes ancillary services, recorded a 37% increase. With a current market capitalization of approximately $5.42 billion on the Nasdaq, an Indian listing could help the company align its stock ownership more closely with its primary customer base.
Market Position and Recent Expansion
Since its founding in 2000, MakeMyTrip has grown through a mix of organic expansion and strategic acquisitions, such as its purchase of Goibibo and redBus. Recent initiatives show a continued focus on diversifying service offerings, including the acquisition of a majority stake in holiday packaging firm Flamingo Transworld and an investment in the visa services platform Atlys. These moves are aimed at creating an end-to-end travel ecosystem, moving beyond simple booking services to comprehensive travel solutions.
Investors should monitor future filings, which will provide clearer details on the specific use of proceeds from the IPO and any potential impact on the company's equity structure. As the company moves forward with this confidential process, the timing of the transition to a public draft filing will be a key indicator of its progress toward a successful market debut.