Travel tech giant MakeMyTrip has confidentially filed its draft red herring prospectus (DRHP) with the SEBI for the India IPO of its subsidiary.

MakeMyTrip Ltd, which is listed on the NASDAQ, revealed in a regulatory filing with the SEC that its wholly owned subsidiary MakeMyTrip (India) Limited is aiming to go public. 

The India listed entity would continue to be a subsidiary of NASDAQ-listed MakeMyTrip and will be included in the latter’s consolidated financial statements. 

Following the proposed IPO, MakeMyTrip may explore alternatives that allow its shareholders to trade its securities at “MMT India level that is fungible and listed across India and US capital markets”.

The IPO will consist entirely of an offer for sale (OFS) of equity shares by MakeMyTrip Ltd and its Singapore-based wholly owned subsidiary ibibo Group Holdings Pte Ltd (GoIbibo). For context, MakeMyTrip acquired ibibo Group in October 2016 in an all-stock deal valued at roughly $720 Mn.

As per reports, MakeMyTrip could raise over $1 Bn from the OFS-only IPO.

“MakeMyTrip expects the proposed initial public offering and listing of MMT India to enhance its brand visibility and support MMT India’s ability to incentivise and promote talent in a competitive technology recruitment landscape,” the company said in its statement. 

MakeMyTrip listed on the US NASDAQ in 2010 due to better market maturity and stronger access to institutional capital for a tech-focused business back then. The Delhi NCR headquartered first officially floated the idea of an Indian listing in March 2026, when the company evaluated an IPO on Indian stock exchanges as a strategic move to boost its domestic market presence. 

An earlier report had indicated that MakeMyTrip had tapped investment banks including Axis Capital, Morgan Stanley and JP Morgan among its advisers for its India IPO, and was aiming to list on the Indian bourses in Q1 FY27. 

Ahead of filing for an India IPO, MakeMyTrip restructured of its various brands, merging its subsidiary RedBus with its Indian entity. It has also invested in inorganic growth, acquiring minority stakes in visa processing platform Atlys and holiday packages company Flamingo Transworld.

On the financial front, MakeMyTrip’s FY26 profit declined 45.8% YoY to $51.7 Mn, while its revenue grew just 6.7% YoY to $1.04 Bn. 

For Q4 FY26, it reported a 16.8% decline in profit to $24.3 Mn while revenue rose 1.9% to $250.1 Mn. 

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