MakeMyTrip Ltd, a NASDAQ-listed travel technology company, has confidentially filed its draft red herring prospectus with SEBI for the initial public offering of its wholly owned subsidiary, MakeMyTrip (India) Limited. The IPO will be an offer for sale of equity shares by MakeMyTrip Ltd and its Singapore-based subsidiary ibibo Group Holdings Pte Ltd, aiming to raise over $1 billion, according to inc42.com.
The India-listed entity will remain a subsidiary of MakeMyTrip Ltd and be included in its consolidated financial statements. The company acquired ibibo Group in October 2016 in an all-stock deal valued at approximately $720 million. Following the IPO, MakeMyTrip may explore options to enable shareholders to trade securities fungibly across Indian and US capital markets, the company said in its SEC filing.
This move marks a significant step for MakeMyTrip, which listed on NASDAQ in 2010 to access mature markets and institutional capital. The proposed IPO is expected to boost the brand visibility of MakeMyTrip India and support its ability to attract and retain talent amid competitive technology recruitment. The offer-for-sale structure highlights a trend among Indian tech firms to tap domestic capital markets while maintaining global listings.
MakeMyTrip’s confidential filing with SEBI was disclosed in a recent regulatory filing with the SEC. The company’s next public update on the IPO process is anticipated following SEBI’s review, with the potential to raise more than $1 billion from the offer-for-sale shares by MakeMyTrip Ltd and ibibo Group Holdings Pte Ltd, per inc42.com.