Nasdaq-listed online travel group MakeMyTrip has taken a formal step toward an Indian stock market debut by confidentially filing a pre-filed draft red herring prospectus for its wholly owned subsidiary, MakeMyTrip (India) Limited. The documents were submitted to the Securities and Exchange Board of India, BSE Limited, and the National Stock Exchange of India for a proposed Main Board initial public offering. Because the company used the confidential filing route, key terms such as the number of shares, price range, timetable, and final offer size have not yet been publicly disclosed, although media reports have suggested the transaction could raise as much as $1 billion.
IPO Structured as an Offer for Sale
The proposed offering is expected to consist entirely of an offer for sale by MakeMyTrip Limited and ibibo Group Holdings, its Singapore-based wholly owned subsidiary. This structure means existing shareholders will sell part of their holdings in MMT India, rather than the Indian company issuing new shares to raise primary capital. After the transaction, MMT India is expected to remain a subsidiary of MakeMyTrip and continue to be included in the parent company’s consolidated financial statements.
Proceeds to Support Parent Company Strategy
MakeMyTrip said the listing could strengthen the visibility of its Indian business and improve its ability to attract, retain, and incentivize employees in a competitive technology hiring market. Net proceeds received by MakeMyTrip and ibibo Holdings from the share sale are expected to reinforce the parent group’s cash position and may be deployed for long-term growth, strategic acquisitions, and repurchases of different classes of securities, including convertible instruments. Since the IPO is planned as an offer for sale, the funds would go to the selling shareholders rather than directly to MMT India.
Potential Link Between Indian and US Markets
MakeMyTrip, which has traded on Nasdaq since 2010, is also considering how the Indian listing could eventually connect with its existing US-listed structure. Subject to regulatory approvals, MakeMyTrip and MMT India may evaluate alternatives over the medium term that would allow shareholders to benefit from a security at the MMT India level that is fungible and traded across the Indian and US capital markets. Such an arrangement could broaden investor access and improve liquidity, but the company has not committed to a specific mechanism or timeline.
Filing Follows Strong Operating Scale
The proposed listing comes as MakeMyTrip operates a broad travel platform spanning flights, hotels, holiday packages, buses, trains, cabs, corporate travel, and related services through brands including MakeMyTrip, Goibibo, and redBus. For the financial year ended March 31, 2026, the group reported record gross bookings of $10.39 billion and IFRS revenue of $1.04 billion. Results from operating activities reached $156 million, up from $119.9 million in the previous financial year, demonstrating the scale of the business that would underpin the Indian subsidiary’s public-market story.
Regulatory Process Still at an Early Stage
The confidential submission begins the regulatory review process without immediately making the full prospectus and detailed offering terms available to the public. The IPO will still depend on regulatory observations, formal approvals, market conditions, and the company’s final decision regarding the offer’s size and timing. Investors will receive a clearer view of MMT India’s standalone financial position, risks, ownership structure, and proposed valuation only when more comprehensive offer documents become publicly available.
The confidential filing marks MakeMyTrip’s most concrete move toward establishing a public-market presence in India while retaining its Nasdaq-listed parent structure. An Indian listing could create liquidity for existing shareholders, expand access to domestic investors, and give the wider group additional financial flexibility without surrendering control of MMT India. The next significant milestones will be the publication of the offer documents, regulatory clearance, and confirmation of the pricing, size, and launch schedule.