MakeMyTrip Eyes India IPO, Targets First Quarter Of 2027 Listing

By Kotak News Desk
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30 Apr 2026 at 10:47 AM IST
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Market News
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Summary

MakeMyTrip is weighing an IPO in India and has brought in Axis Capital, Morgan Stanley, and JPMorgan Chase to advise on the deal. The company may target early 2027 for launch as it looks to tap domestic investors after weak share performance.

MakeMyTrip Ltd is weighing a listing in India through an initial public offering (IPO) and has hired Axis Capital Ltd, Morgan Stanley, and JPMorgan Chase & Co as advisers, according to people familiar with the matter.

The Nasdaq-listed online travel firm is targeting the first quarter of 2027 for the potential share sale, the people said. The plan is still being discussed. Details such as the issue size and valuation may change.

The move could open another route to raise funds. It may also help tap domestic institutional and retail investors. The firm added that India-listed equity could be used as consideration for future growth initiatives.

Business And Market Context

MakeMyTrip was listed on the Nasdaq in 2010. It runs travel brands such as MakeMyTrip, Goibibo, and redBus. The company has a large share of India’s online travel market, spanning flights, hotels, and bus bookings.

Peers have tried similar paths. Yatra Online Ltd followed a dual-listing strategy. It was listed on Nasdaq in 2016 through a reverse merger. It later launched an IPO in India in 2023 at about double its Nasdaq market value. Yatra is now valued at around USD 183 million in India and about USD 68 million on Nasdaq.

The gap in valuations across markets has been a factor for companies exploring listings closer to home. A domestic listing can also improve visibility with local investors.

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Why The Timing Matters

India’s IPO market has seen a slow start to 2026. Fundraising has eased after two strong years. Markets have faced pressure from global tensions, slower earnings growth, and uneven foreign flows. Even so, several companies are preparing filings. Many are waiting for conditions to improve before launching deals.

For MakeMyTrip, a local listing could widen its investor base at a time when its US-listed shares have come under pressure. The stock has fallen about 55% over the past year. Its market value stands at roughly USD 4.5 billion.

Sources:

Moneycontrol

The Hindu Business Line

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