MakeMyTrip Prepares Confidential IPO Filing In India; Aims To Raise Over $1 Billion

Nasdaq-listed MakeMyTrip is preparing to submit a confidential draft prospectus with SEBI for an India initial public offering (IPO) of more than $1 billion, with the filing expected as early as within a week, according to people familiar with the matter.

The issue is likely to be structured primarily as an offer for sale (OFS), though a final decision on the issue structure has not been taken. Kotak Mahindra Capital, Axis Capital, JP Morgan and Morgan Stanley are acting as advisers on the proposed listing.

If it goes ahead at the indicated size, the MakeMyTrip India listing would rank among the largest internet IPOs in the country's history, alongside Paytm's ₹18,300 crore issue in November 2021, Zomato's ₹9,375 crore listing in July 2021 and Swiggy's ₹11,327 crore IPO in November 2024.

Why MakeMyTrip Is Listing In India

MakeMyTrip had officially acknowledged its India listing plans in a disclosure on 16 May, describing the move as a way to access domestic institutional and retail investors and use India-listed equity as potential consideration for future growth initiatives. The company said an India listing could strengthen its brand in its core market and support longer-term growth, subject to market conditions and regulatory approvals.

How The Confidential Route Works

The company is using the confidential pre-filing route, introduced by SEBI in November 2022 for main board issuers. This allows companies to keep sensitive financial details and business metrics private until they are ready to proceed, and gives them the option to withdraw without public disclosure if market conditions change. Several companies including Swiggy, Tata Capital, PhonePe and PhysicsWallah, have previously used this route.

Business Performance And Scale

For the year ended March 2026, MakeMyTrip crossed $10 billion in gross bookings. Adjusted margins grew in double digits year-on-year across all major verticals, with bus ticketing leading at 29%-plus growth, followed by hotels and packages at 15%-plus and air ticketing at 13%-plus. The company's market capitalisation on the Nasdaq stands at approximately $5.42 billion.

The platform has over 87 million lifetime transacted retail customers, more than 77,000 corporate customers, 549 million-plus app downloads, and has sold over 32.5 million hotel room nights and 104.6 million bus tickets. MakeMyTrip was founded in 2000 and has expanded through acquisitions including Goibibo, redBus and most recently Flamingo Transworld, a regional group holidays business with a presence across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.

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