MakeMyTrip Files Confidential DRHP With SEBI for India IPO

MakeMyTrip Takes First Step Toward India Listing

MakeMyTrip, one of India’s most recognised online travel platforms, has formally initiated the process for a domestic stock market listing by filing a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The filing has been made on a confidential basis, meaning key financial and structural details — including the issue size, price band, and the split between a fresh issue and offer for sale — remain undisclosed to the public at this stage.

The development is significant: MakeMyTrip first listed on Nasdaq approximately 15 years ago, making the SEBI filing a landmark moment in the company’s corporate history and a potential homecoming of sorts for one of India’s most prominent internet-era consumer brands.

What Is Known About the Offering

While the confidential nature of the DRHP limits publicly available information, it is confirmed that the offering will involve an equity share sale by MakeMyTrip Limited alongside a component from its subsidiary, ibibo Group — the entity that operates brands including Goibibo and redBus. Whether the offering will include a fresh issue component (which would raise capital for the company) or be structured primarily or entirely as an offer for sale (benefiting existing shareholders) has not been specified.

Why a Confidential Filing?

Confidential DRHP filings allow companies to initiate the regulatory review process with SEBI without making sensitive financial and business information immediately public. Once SEBI completes its review and issues observations, the company typically files a public version of the document before launching its roadshow and opening the subscription window. This process means an actual IPO launch is likely still several months away, subject to market conditions and regulatory timelines.

The Significance of a Domestic Listing

For MakeMyTrip, a domestic listing would bring the company’s shares within reach of a vastly larger pool of Indian retail and institutional investors who may not have direct access to Nasdaq-traded securities. India’s travel and tourism sector has seen strong post-pandemic recovery, and digital travel platforms have benefited from rising internet penetration, growing middle-class disposable income, and increasing preference for online booking.

IPO Market Context

The filing adds to a busy IPO calendar in India. Lohia Corp is set to open its offering on July 23, while SBI Funds Management recently closed its IPO with over 41x subscription. Strong appetite for quality IPOs suggests MakeMyTrip’s eventual offering, when it materialises, may attract significant interest — though investors will need to wait for the public DRHP before evaluating the specifics.

This article is for informational purposes only and does not constitute investment advice.

For information only and not investment advice. Summarised from the cited sources; figures may be delayed. Do your own research before investing.