MakeMyTrip has taken the first formal step toward bringing its India business to domestic stock markets. The Nasdaq-listed online travel company disclosed on July 17 that its wholly owned subsidiary, MakeMyTrip (India) Limited, has confidentially filed a draft red herring prospectus with SEBI, the BSE and the National Stock Exchange. The filing comes 15 years after the parent company went public in the United States in 2011.

What You Need to Know

  • MakeMyTrip (India) Limited filed a confidential draft DRHP with SEBI, BSE and NSE on July 17, 2026
  • The IPO will be an offer for sale by parent MakeMyTrip Limited and its subsidiary ibibo Group Holdings (Singapore)
  • MMT India will remain a subsidiary of the Nasdaq-listed parent after listing
  • Kotak Mahindra Capital, Axis Capital, JP Morgan and Morgan Stanley are the book-running lead managers
  • MakeMyTrip is also exploring making shares fungible between Indian and US markets over time

The Confidential Filing Route

MakeMyTrip used SEBI's confidential pre-filing mechanism, which allows companies to submit draft offer documents to the regulator for review without immediately making them public. This route has become increasingly popular among large issuers because it gives them flexibility to keep the issue size, valuation, price band and other sensitive details undisclosed until later in the process.

The company disclosed the development through a regulatory filing with the US Securities and Exchange Commission on July 17. The filing confirmed that the proposed IPO is expected to involve a sale of equity shares in MMT India by MakeMyTrip and its wholly owned subsidiary, ibibo Group Holdings (Singapore) Pte. Ltd.

Market sources suggest the offering could value the Indian entity at over USD 1 billion, although the company has not officially confirmed any valuation or issue size.

The OFS Structure

The IPO will be structured as an offer for sale, meaning existing shareholders will offload a portion of their holdings rather than the company issuing fresh shares. Because no primary issuance is involved, the proceeds will go to MakeMyTrip and ibibo Holdings rather than directly to MMT India.

MakeMyTrip said the net proceeds it receives will strengthen the group's overall cash position. The funds are expected to be deployed for long-term growth initiatives, strategic acquisitions, and repurchases of different classes of securities including convertible securities.

Despite the share sale, MMT India will continue to be a subsidiary of MakeMyTrip and will remain consolidated in the parent company's financial statements.

Why List in India Now

MakeMyTrip listed on the Nasdaq in 2011 and merged with the Ibibo Group in 2017, creating India's largest online travel ecosystem. The group operates the MakeMyTrip, Goibibo and redBus brands, covering flights, hotels, holiday packages, bus and rail ticketing, car rentals, and travel insurance.

CEO Rajesh Magow had indicated in June that the company was working on India IPO plans. Bringing the Indian business to domestic exchanges serves multiple purposes. A local listing enhances brand visibility in the home market. It also gives the company a stronger tool to attract, retain and incentivize talent in a competitive technology hiring landscape.

For Indian investors, the listing offers a rare opportunity to own a piece of the country's largest online travel platform directly on domestic exchanges, something that was previously only possible through US-listed ADRs or indirect investment.

The Fungibility Option

One of the more significant disclosures buried in the SEC filing is that MakeMyTrip and MMT India may evaluate options to make shares fungible across Indian and US markets over the medium term. Subject to regulatory approvals, this would allow shareholders to enjoy a security at the MMT India level that is listed on both Indian and US capital markets.

Such a structure, if approved by regulators in both countries, would be one of the first of its kind for an Indian company and could provide greater flexibility for institutional and retail investors on both sides.

The Advisors

MakeMyTrip has appointed four heavyweight investment banks to manage the IPO. Kotak Mahindra Capital, Axis Capital, JP Morgan India and Morgan Stanley India are serving as the book-running lead managers. The presence of both domestic and global advisors signals that the company expects strong demand from institutional investors both in India and abroad.

Bottom Line

MakeMyTrip's confidential filing marks the beginning of what could be one of the largest internet company listings in India this year. With a billion-dollar valuation, a pure OFS structure, and a potential US-India fungibility mechanism on the horizon, the IPO is a pivotal moment for India's online travel sector and a signal that the country's public markets are becoming the preferred destination for homegrown digital platforms.