MakeMyTrip India IPO Could Cross $1 Billion As Company Prepares Confidential Filing

MakeMyTrip is preparing to confidentially file draft papers for a potential initial public offering of its India business, with the proposed issue expected to exceed $1 billion, Moneycontrol reported, citing people familiar with the matter.

The confidential filing could take place as early as within a week, although the final timeline and structure of the proposed IPO have not been confirmed. The issue may include an offer for sale, but a final decision on the structure is yet to be taken.

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Kotak Mahindra Capital, Axis Capital, JP Morgan and Morgan Stanley are advising on the proposed transaction, according to the report.

MakeMyTrip and the investment banks had not responded to requests for comment at the time of publication.

India Listing Plan Was Disclosed Earlier

MakeMyTrip had confirmed on May 16 that it was evaluating a potential listing of its India business. The company said an India listing could provide access to domestic institutional and retail investors and create the possibility of using India-listed equity for future growth initiatives.

The company also said a domestic listing could strengthen the MakeMyTrip brand in its core market. Any proposed IPO remains subject to market conditions, regulatory approvals and other customary corporate requirements.

The company’s Nasdaq-listed parent had a market capitalisation of around $5.42 billion based on its last closing price. MakeMyTrip share price movements on Nasdaq have therefore remained relevant to investor interest in the company’s potential India listing.

Large Internet IPOs Have Raised Billions

If completed at the reported size, the proposed issue would rank among the larger internet listings in India. Paytm raised ₹18,300 crore in its November 2021 IPO, while Zomato raised ₹9,375 crore in July 2021. Swiggy raised ₹11,327 crore through its November 2024 listing.

For investors tracking the MakeMyTrip share price and the company’s potential domestic listing, the confidential filing route allows the company to keep key details of its draft offer private during the initial stage.

Sebi introduced the pre-filing mechanism for mainboard IPOs in November 2022. Under the process, companies can submit draft documents confidentially before deciding whether to proceed with a public filing. Unlike the standard process, the draft prospectus does not immediately become publicly available.

Travel Platform Has Expanded Across Segments

MakeMyTrip, founded in 2000, operates across air ticketing, hotels and alternative accommodation, holiday packages, bus and rail bookings, car rentals, activities and related travel services.

The company reported gross bookings of more than $10 billion for the year ended March 31, 2026, according to comments from co-founder and Group CEO Rajesh Magow. It has also expanded through acquisitions and strategic investments, including Goibibo, redBus, a majority stake in Flamingo Transworld and a minority investment in visa processing platform Atlys.

The proposed India IPO remains subject to the company’s final decision, regulatory clearances and market conditions.