MakeMyTrip Reportedly Plans India IPO, Selects Banks
MakeMyTrip Eyes Listing in Mumbai as Part of Global Expansion
MakeMyTrip Ltd., a leading online travel platform listed on the Nasdaq, is reportedly considering a listing in Mumbai, according to sources close to the matter. The company has engaged the services of Axis Capital Ltd., Morgan Stanley, and JPMorgan Chase & Co., and is planning to add more banks to advise on the proposed share sale. Deliberations are ongoing, and details such as the size and valuation of the offering could be subject to change.
MakeMyTrip is targeting the first quarter of 2027 for the potential listing, according to sources. A representative for the company stated that the move is aimed at evaluating a potential listing in India, which could provide an additional avenue to access capital from domestic institutional and retail investors. This could also enable the company to provide India-listed equity as a potential consideration for growth initiatives.
The IPO market in India has had a subdued start to 2026, following two consecutive years of record fundraising. Equity markets have come under pressure due to geopolitical tensions, slowing earnings growth, and uneven foreign inflows. However, several companies are preparing for IPOs, with the aim of launching them once market conditions stabilize.
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MakeMyTrip operates online travel brands, including MakeMyTrip, Goibibo, and redBus. Its shares have declined about 55% over the past year, giving the company a market value of roughly $4.5 billion. The company listed on the Nasdaq in 2010.
Comparison of MakeMyTrip and Yatra Online Ltd.
| Company | Market Capitalization (Nasdaq) | Market Capitalization (India) |
|---|---|---|
| MakeMyTrip | $4.5 billion | - |
| Yatra Online Ltd. | $68 million | $183 million |
Yatra Online Ltd., a peer of MakeMyTrip, pursued a dual-listing strategy, listing on Nasdaq in 2016 through a reverse merger with a special purpose company, and later launching an IPO in India in 2023. The company is currently valued at about $183 million in India and $68 million on Nasdaq.
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Investor Takeaway
MakeMyTrip is considering a listing in Mumbai, targeting the first quarter of 2027.
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