MakeMyTrip To Confidentially File DRHP With SEBI for $1 Billion IPO

Nasdaq-listed online travel platform MakeMyTrip is reportedly preparing for its India listing by confidentially filing a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

According to media reports, the company is expected to submit the draft papers as early as next week for an initial public offering (IPO) valued at over $1 billion (approximately ₹8,600 crore).

The IPO is likely to be filed through SEBI's confidential pre-filing route, under which key details such as the issue size, valuation, and price band will be disclosed at a later stage. 

The offering is also expected to be largely an Offer for Sale (OFS), allowing existing shareholders to dilute their stakes, with the proceeds likely to accrue to the selling shareholders rather than the company.

Kotak Mahindra Capital, Axis Capital, JPMorgan India, and Morgan Stanley India have reportedly been appointed as the book-running lead managers (BRLMs) for the proposed issue.

MakeMyTrip IPO - Issue Details

• Issue Type: Book-Built Issue (Confidential Pre-filing)
• Total Issue Size: Over $1 billion (Expected)
• Fresh Issue: Yet to be announced
• Offer for Sale (OFS): Expected to constitute the majority of the issue
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): Kotak Mahindra Capital Company Limited, Axis Capital Limited, JPMorgan India Private Limited, and Morgan Stanley India Company Private Limited
• Registrar: Yet to be announced

About MakeMyTrip

Established in 2000, MakeMyTrip has grown into one of India's largest online travel service providers. Its platform offers a broad range of travel solutions, including flight, hotel and alternative accommodation bookings, holiday packages, bus and train tickets, car rentals, activities and experiences.

It also enables customers to access complementary travel services such as travel insurance offered by third parties, foreign exchange assistance, and visa-related services.

MakeMyTrip operates a portfolio of well-known travel brands, including MakeMyTrip, Goibibo, and redBus, serving both leisure and business travellers.

According to the company's earlier disclosures, its platforms have served more than 87 million retail customers over the years and over 77,000 small, medium, and large corporate clients. The company has also crossed 549 million app downloads, facilitated the booking of over 32.5 million hotel room nights, and processed more than 104.6 million bus ticket bookings, highlighting the scale of its operations.

What Lies Ahead for the MakeMyTrip IPO

Once the confidential DRHP is filed, SEBI will review the draft documents and may seek clarifications before issuing its observations.

If the company decides to proceed after the regulatory review, MakeMyTrip will publicly release its Red Herring Prospectus (RHP), which will disclose details such as the final issue size, price band, offer structure, valuation, and IPO schedule.

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