MakeMyTrip (India) Ltd has received SEBI's approval to launch its initial public offering. The regulator issued its final observations on November 6, 2026, allowing the company to proceed with preparations for the issue.
The company had confidentially filed its draft papers in July 2026. The issue is expected to be an offer for sale only, with shares sold by Nasdaq-listed MakeMyTrip Ltd and its wholly-owned subsidiary ibibo Group Holdings. It could raise more than $1 Bn. MakeMyTrip acquired ibibo Group in October 2016 in an all-stock deal valued at roughly $720 Mn.
The Indian entity will remain a subsidiary of the parent after the listing, and its financials will continue to be consolidated with the parent's results, according to the parent's regulatory filing. The listing is expected to raise MMT India's brand visibility and help it attract and retain talent in a competitive technology hiring market.
MakeMyTrip listed on the Nasdaq in 2010, citing greater market maturity in the US than in India at the time. Indian markets now host more than 70 new-age tech companies, and 18 of them, including Rentomojo, Shiprocket, Fractal and Shadowfax, made their public debuts this year. MakeMyTrip first floated the idea of an Indian listing in March 2026.
Before filing, the company restructured its brands, merging RedBus into its Indian entity. It took minority stakes in visa platform Atlys and holiday packages firm Flamingo Transworld, and most recently a controlling stake in Quick Ride to enter car pooling. It competes with EaseMyTrip, ixigo and Cleartrip, as well as traditional travel agencies.
In Q2 FY27, MakeMyTrip posted a consolidated net profit of $1.8 Mn against a $5.7 Mn loss a year earlier. Revenue rose 2.5% to $235.2 Mn from $229.3 Mn. For FY26, profit fell 45.8% year-on-year to $51.7 Mn, while revenue grew 6.7% to $1.04 Bn.
