SEBI Clears MakeMyTrip’s India IPO

Nasdaq-listed online travel aggregator (OTA) MakeMyTrip’s India arm has received SEBI’s approval to launch its initial public offering (IPO) in the country. 

MakeMyTrip (India) Ltd had confidentially filed its draft IPO papers with SEBI in July 2026. The market regulator issued its final observations on November 6, allowing the company to proceed with preparations for the public issue.

It was reported earlier that MakeMyTrip could raise over $1 Bn from the OFS-only IPO.

The IPO is expected to consist solely of an offer for sale (OFS) of equity shares by MakeMyTrip Ltd and ibibo Group Holdings. For context, MakeMyTrip acquired ibibo Group in October 2016 in an all-stock deal valued at roughly $720 Mn. 

According to the parent company’s regulatory filing, MMT India will continue to remain a subsidiary of the Nasdaq-listed entity following the IPO. Its financial performance will also continue to be consolidated with the parent company’s results.

The listing will improve MMT India’s brand visibility and strengthen its ability to attract and retain talent in India’s increasingly competitive technology recruitment market.

MakeMyTrip listed on the Nasdaq in 2010 due to better market maturity in the US when compared with domestic markets. Since then, the Indian markets have now grown to house over 70 new-age tech companies, who have raised billions of dollars from their respective IPOs. This year, 18 new-age companies including Rentomojo, Shiprocket, Fractal and Shadowfax, have made their public market debuts.

Amid the new-age tech IPO boom, MakeMyTrip first officially floated the idea of an Indian listing in March 2026, as a strategic move to boost its domestic market presence.

MakeMyTrip operates across online travel booking categories, including flights, hotels, holiday packages, buses and other travel-related services. It operates in a competitive online travel market, with players such as EaseMyTrip, ixigo and Cleartrip, alongside traditional travel agencies.

Ahead of filing for an India IPO, MakeMyTrip restructured its various brands, merging its subsidiary RedBus with its Indian entity. It has also invested in inorganic growth, acquiring minority stakes in visa processing platform Atlys and holiday packages company Flamingo Transworld. Most recently, the company acquired a controlling stake in startup Quick Ride to expand into the car pooling segment.

On the financial front, MakeMyTrip swung back to the black in Q2 FY27. The company reported a consolidated net profit of $1.8 Mn against a loss of $5.7 Mn in the previous year quarter. Meanwhile, its revenue rose 2.5% to $235.2 Mn from $229.3 Mn in Q2 FY26. 

MakeMyTrip’s FY26 profit declined 45.8% YoY to $51.7 Mn, while its revenue grew just 6.7% YoY to $1.04 Bn.

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