MakeMyTrip, India’s largest online travel platform listed on the Nasdaq, is reportedly preparing to confidentially file draft papers for an India IPO exceeding $1 billion (over ₹8,300 crore) as early as next week. If the listing proceeds, it could become one of the largest internet IPOs in India’s history, joining the ranks of Paytm, Swiggy, and Zomato. The company is expected to use SEBI’s confidential pre-filing route, allowing it to keep key financial and business information private until it decides to proceed with the public issue.
According to reports, the proposed IPO is likely to be primarily an Offer for Sale (OFS), although the final structure is yet to be finalized. Investment banks Kotak Mahindra Capital, Axis Capital, JPMorgan, and Morgan Stanley are reportedly advising the transaction. MakeMyTrip had earlier confirmed that it was evaluating an Indian listing to improve access to domestic capital and strengthen its presence in its largest market.
MakeMyTrip Prepares for $1 Billion+ India IPO
The travel-tech leader is moving closer to a long-awaited domestic listing.
| Key Highlights | Details |
|---|---|
| Company | MakeMyTrip |
| Listing venue | India |
| IPO size | More than $1 billion (reported) |
| Filing route | SEBI confidential pre-filing |
| Expected filing | As early as next week (reported) |
If completed, the IPO would rank among India’s biggest technology listings in recent years.
Why the Confidential Route?
SEBI introduced the confidential pre-filing mechanism in 2022 to provide issuers greater flexibility.
Key advantages include:
- Sensitive financial information remains confidential during the early stages.
- Companies can assess market conditions before publicly disclosing details.
- Issuers have greater flexibility to postpone or withdraw the IPO if required.
- Reduced competitive exposure before listing.
Several large Indian companies have recently chosen the same route for their proposed public offerings.
Proposed IPO Structure
According to people familiar with the matter:
- The IPO may largely consist of an Offer for Sale (OFS).
- Final issue size and structure are still under discussion.
- Multiple global and domestic investment banks are advising the transaction.
- The filing could take place within days if preparations remain on schedule.
Why MakeMyTrip Wants an India Listing
Earlier this year, the company said it was evaluating a domestic listing as part of its long-term strategy.
Potential benefits include:
- Access to Indian institutional and retail investors.
- Stronger brand visibility in its core market.
- Additional avenues to raise capital.
- India-listed shares that could support future acquisitions and strategic initiatives.
The company noted that any listing remains subject to market conditions, regulatory approvals, and corporate considerations.
Business Momentum
| Growth Indicator | Status |
|---|---|
| Annual gross bookings | Exceeded $10 billion |
| Core market | India |
| Business segments | Flights, hotels, holidays, buses, trains |
| Strategic focus | Long-term expansion and market leadership |
Management has highlighted strong booking growth and improving profitability across its major travel segments despite a competitive environment.
Why the IPO Matters
A successful listing could:
- Reinforce investor confidence in India’s internet economy.
- Become one of the country’s largest travel-tech IPOs.
- Increase liquidity for existing shareholders.
- Strengthen MakeMyTrip’s competitive position.
- Attract greater domestic institutional ownership.
The offering would add another major consumer internet company to India’s public markets.
Challenges Ahead
Before the IPO proceeds, the company will need to navigate:
- Market volatility.
- Investor demand.
- Finalization of the issue structure.
- Regulatory approvals.
- Valuation expectations.
The final size and timing of the offering may change depending on market conditions.
Outlook
MakeMyTrip’s reported plan to confidentially file for a $1 billion-plus India IPO marks an important milestone in the evolution of India’s technology sector. After building one of the country’s largest online travel businesses and listing on Nasdaq more than a decade ago, a domestic listing would give Indian investors direct exposure to one of the country’s leading digital travel platforms.
If the IPO moves forward as expected, it could become one of the largest technology listings in recent years and further strengthen India’s capital markets as a destination for high-growth internet companies. The confidential filing route also reflects a broader trend among large issuers seeking greater flexibility before launching public offerings.
What It Means for India’s IPO Market
The proposed MakeMyTrip IPO signals continued momentum in India’s technology listing pipeline. Large internet companies are increasingly exploring domestic listings to tap India’s growing retail investor base while complementing or maintaining overseas listings.
For the broader startup ecosystem, another billion-dollar IPO would reinforce India’s position as a mature public market for technology companies. It could also encourage more consumer internet, fintech, SaaS, and travel-tech firms to consider Indian exchanges for future listings, further deepening the country’s capital markets.
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
