MakeMyTrip (India) Ltd., the Indian subsidiary of Nasdaq-listed online travel company MakeMyTrip, has confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO). The filing marks a significant step toward the company’s long-awaited domestic stock market debut, allowing it to seek regulatory approval while keeping sensitive financial and business information private during the early stages of the listing process.
The company has also submitted the confidential filing to the BSE and NSE for listing on the main board. While MakeMyTrip has not disclosed the IPO size or timeline, market reports have previously indicated that the offering could exceed $1 billion, making it one of India’s largest internet company listings if it proceeds.
MakeMyTrip Files Confidential DRHP for India IPO
| Key Highlights | Details |
|---|---|
| Company | MakeMyTrip (India) Ltd. |
| Parent company | Nasdaq-listed MakeMyTrip Ltd. |
| Filing | Confidential DRHP |
| Regulator | SEBI |
| Listing venue | BSE and NSE Main Board |
| IPO route | Confidential pre-filing mechanism |
The confidential filing allows the company to receive regulatory feedback before publicly releasing detailed offer documents.
Why MakeMyTrip Chose the Confidential Route
SEBI introduced the confidential pre-filing mechanism in 2022 to provide companies with greater flexibility during the IPO process.
Key advantages include:
- Protecting commercially sensitive business information.
- Receiving SEBI observations before public disclosure.
- Greater flexibility on IPO timing.
- Ability to assess market conditions before launch.
- Reduced competitive exposure.
- Opportunity to refine the offer document before publication.
The route has become increasingly popular among large technology companies preparing for public listings.
About MakeMyTrip
Founded in 2000, MakeMyTrip is India’s largest online travel platform, offering a wide range of travel services.
Its business includes:
- Flight bookings.
- Hotel reservations.
- Holiday packages.
- Rail and bus ticketing.
- Cab bookings.
- Corporate travel solutions.
The company strengthened its market position through acquisitions such as Goibibo and redBus, creating one of India’s largest digital travel ecosystems.
IPO Snapshot
| Metric | Details |
|---|---|
| Filing type | Confidential DRHP |
| Listing exchanges | BSE & NSE |
| Company | MakeMyTrip (India) Ltd. |
| Parent listing | Nasdaq |
| Reported potential size | More than $1 billion (market reports) |
| Current status | Awaiting SEBI review |
The company has not officially announced the final issue size, valuation, or launch schedule.
Impact on India’s IPO Market
The proposed listing could have several implications.
Potential impacts include:
- One of the largest internet IPOs in India.
- Increased investor exposure to the online travel sector.
- Strengthening of India’s technology IPO pipeline.
- Greater participation from domestic institutional investors.
- Enhanced visibility for India’s digital economy.
- Continued momentum in confidential IPO filings.
A successful listing would add another prominent consumer internet company to India’s public markets.
Challenges Ahead
Before launching the IPO, MakeMyTrip will need to navigate several factors.
These include:
- SEBI’s regulatory review.
- Volatile equity market conditions.
- Global travel demand trends.
- Competition in the online travel market.
- Valuation expectations.
- Investor appetite for technology listings.
The final IPO size and timing are likely to depend on market conditions and regulatory approvals.
Outlook
The confidential DRHP filing marks an important milestone in MakeMyTrip’s plan to establish a presence on Indian stock exchanges while retaining its Nasdaq listing. By using SEBI’s confidential filing route, the company gains flexibility to complete regulatory discussions before publicly disclosing detailed financial information and final offer terms.
If the IPO proceeds as expected, it could become one of India’s largest technology listings, reflecting the continued maturity of the country’s digital economy and growing investor interest in online travel and internet-based businesses.
What It Means for India’s Technology Sector
MakeMyTrip’s move highlights the increasing appeal of Indian capital markets for global and technology-focused companies with substantial domestic operations. A successful listing could encourage more internet and consumer technology firms to pursue Indian IPOs through the confidential pre-filing route while giving domestic investors greater access to established digital businesses.
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
