Online travel company MakeMyTrip is getting ready for a major step in its journey by planning to go public in India. The Nasdaq-listed company has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), which is expected to raise more than $1 billion (around ₹8,600 crore).
The company plans to list its wholly owned Indian subsidiary, MakeMyTrip (India) Limited, on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in the first quarter of 2027. The IPO is expected to be mainly an Offer for Sale (OFS), allowing existing shareholders, including MakeMyTrip Limited and its Singapore-based subsidiary, to sell part of their stake.
Axis Capital, Morgan Stanley, JPMorgan Chase & Co., and Kotak Mahindra Capital have been appointed as the book-running lead managers for the IPO. By choosing SEBI’s confidential filing route, MakeMyTrip can keep its financial and business details private while the regulator reviews the application. The documents will be made public later if the company decides to move ahead with the listing.
MakeMyTrip Restructures Business Before India Listing
Along with its IPO plans, MakeMyTrip is also looking at another way to reach Indian investors through Indian Depository Receipts (IDRs). The company is exploring this option after a recent Supreme Court ruling changed the tax rules for offshore share sales.
In a regular IPO, the Mauritius-based parent company may have to pay a large capital gains tax when selling shares through an Offer for Sale. The IDR route could help reduce or delay this tax because investors buy receipts linked to foreign shares instead of the shares directly. However, IDRs have not been very popular in India due to low trading activity.
To prepare for the listing, MakeMyTrip has completed an internal restructuring. It has merged its major Indian businesses, including Goibibo and redBus India, into one company. This move is expected to make its business structure simpler before entering the Indian stock market.
The company has also completed a large share buyback. It repurchased and cancelled 34.3 million Class B shares after raising about $3.1 billion through a share sale and zero-coupon convertible notes. This reduced the total number of outstanding shares and gave the company more flexibility for future buybacks.
The buyback also changed the company’s ownership structure. Trip.com is now the largest minority shareholder. MakeMyTrip has also added independent directors to its board and formed a nomination committee to strengthen corporate governance.
Strong Financial Results Support Growth Plans
MakeMyTrip reported healthy financial results for the first quarter of FY2026 despite some challenges in the travel industry. Domestic travel demand was affected during May and June because of geopolitical tensions and an aviation-related incident, but the company continued to grow.
The company reported revenue of $268.8 million, up nearly 8% from the same period last year in constant currency terms. Net profit increased by 22.6% to $25.8 million, while adjusted operating profit rose 21% to $47.3 million. It also ended the quarter with around $804 million in cash and cash equivalents.
The hotels and holiday packages business performed well, supported by strong growth in hotel bookings. Air ticket bookings also remained strong, with MakeMyTrip continuing to hold more than 30% of India’s domestic online flight booking market.
The bus ticketing business also saw strong growth. Private bus operators now offer more than 44,000 daily schedules on the platform, while partnerships with state-run transport corporations continued to expand. Ground transportation services, including train and cab bookings, also recorded healthy growth.
International travel was another major growth area. It contributed a record 27% of the company’s total revenue during the quarter. Both international flight bookings and overseas hotel bookings recorded strong double-digit growth as more Indians travelled abroad.
The company’s corporate travel platforms also continued to grow, serving thousands of business customers. At the same time, customer acquisition costs remained under control, showing that the company is adding new users efficiently.
AI and Acquisitions to Drive Future Growth
Along with its IPO preparations, MakeMyTrip is investing heavily in artificial intelligence (AI) and expanding its travel services through acquisitions.
The company recently acquired a majority stake in Flamingo Transworld, a regional tour operator known for organised group tours. The deal will help MakeMyTrip strengthen its presence in India’s growing holiday travel market.
It has also made a strategic investment in visa processing platform Atlys to make international travel easier for Indian customers. These investments add to its earlier acquisitions in hotel technology, corporate travel, mobility, and financial services.
Artificial intelligence has become an important part of MakeMyTrip’s growth strategy. Its AI-powered travel assistant, Myra, now handles more than 55,000 customer conversations every day in several Indian languages, including Hindi, Bengali, Tamil, Telugu, Marathi, Kannada, Malayalam, and English.
The company has also introduced new AI-powered features such as train seat availability predictions, airport cab tracking, hotel dining filters, and location tags for wildlife destinations. It has expanded its international travel services through new partnerships for hotel stays, airport lounge access, and premium travel experiences.
With strong financial performance, growing international business, new technology investments, and strategic acquisitions, MakeMyTrip is preparing for its India IPO while aiming to strengthen its position in the country’s fast-growing online travel market.