MakeMyTrip files confidential IPO papers for India unit

MakeMyTrip has submitted preliminary IPO documents to the Securities and Exchange Board of India (Sebi) via a confidential filing route. The proposed offering will involve the sale of equity shares in MakeMyTrip India by the parent company alongside its wholly owned subsidiary, ibibo Group Holdings (Singapore) Pte Ltd. The Gurugram-headquartered travel company formally disclosed these strategic intentions in a regulatory filing with Nasdaq.

Under the proposed structure, MakeMyTrip India will continue to operate as a direct subsidiary of the parent entity following the public listing. Its financial results will also remain fully consolidated with those of the broader parent company. This structural approach allows MakeMyTrip to monetise a portion of its flagship Indian operations while retaining operational control.

The capital raised from divesting these shares is explicitly earmarked to strengthen MakeMyTrip’s overall cash position. Management intends to deploy these funds toward long-term growth and strategic inorganic initiatives. Additionally, the company plans to direct a portion of the capital toward the repurchase of different classes of its own securities, including convertible securities.

The allocation of funds toward repurchasing these securities provides a mechanism for the parent company to manage its balance sheet. The listing itself is timed to capitalise on a robust post-pandemic recovery within India’s travel and tourism market. This rebound is currently being driven by elevated domestic travel, premium leisure demand, returning business travel, and increased adoption of online booking platforms.

For the broader market, the flotation will give domestic investors a direct opportunity to invest in one of the country’s largest online travel platforms. The specific timing, overall size, and remaining details of the IPO have not yet been finalised. These specifics will become clear as the regulatory process with Sebi continues to advance.