MakeMyTrip Considers India Listing through Depository Receipts

MakeMyTrip Considers Alternative Listing Route for Indian Arm

MakeMyTrip, a Nasdaq-listed travel company, is exploring the option of listing its Indian arm via Indian Depository Receipts (IDRs) instead of a traditional initial public offering (IPO), according to sources close to the matter.

The company's decision to consider IDRs comes as it seeks to tap into the growing Indian market. IDRs allow foreign companies to list their shares on Indian stock exchanges, providing them with access to a large and growing pool of investors. In contrast, an IPO would require MakeMyTrip to comply with Indian listing regulations, which could be a more complex and time-consuming process.

The Indian arm of MakeMyTrip has been growing rapidly in recent years, with the company's revenues in the region increasing significantly. In 2022, the company's Indian arm reported revenues of $800 million, up from $500 million in 2021. The growth of the Indian arm has made it an attractive candidate for listing, with investors looking to tap into the country's rapidly expanding middle class.

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As MakeMyTrip continues to explore its options, the company is likely to face intense scrutiny from investors and regulators. The decision to list its Indian arm via IDRs or IPO will have significant implications for the company's growth prospects and its ability to tap into the Indian market.