Parent Company MakeMyTrip Ltd and ibibo Group Holdings to Undertake OFS

MakeMyTrip Ltd, the India-based travel technology company, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) through a confidential route, according to regulatory documents reviewed by News Directory 3. The filing, dated July 17, 2026, marks a critical step in the company’s plan to list its shares on Indian stock exchanges, potentially paving the way for a dual listing alongside its existing Nasdaq-traded operations.

The DRHP, submitted by MakeMyTrip in collaboration with its subsidiary ibibo Group Holdings, outlines the company’s financial structure, business model, and strategic goals for the IPO. The confidential filing allows the company to submit its prospectus to SEBI without public disclosure, a process often used to refine offering details before a formal announcement. This approach is common among firms seeking to gauge market interest or adjust terms ahead of a broader rollout.

The Significance of a Confidential IPO Filing

A confidential IPO filing under SEBI regulations enables companies to avoid premature market speculation by withholding key details such as share pricing, size, and investor allocation. This strategy is particularly useful for firms operating in competitive sectors like travel technology, where sensitive data could influence valuation or investor sentiment. MakeMyTrip’s decision to proceed confidentially suggests the company is prioritizing strategic flexibility as it navigates the complexities of raising capital in India’s evolving financial landscape.

The move also aligns with MakeMyTrip’s history of leveraging global capital markets. The company, which went public on the Nasdaq in 2019 under the ticker MMT, has since expanded its digital infrastructure and diversified its services to include hotel bookings, flights, and corporate travel solutions. A successful Indian IPO could strengthen its domestic presence and provide additional liquidity for growth initiatives.

Context of the Indian Travel Tech Sector

The Indian travel tech sector has experienced rapid growth, driven by rising disposable incomes, digital adoption, and a surge in domestic tourism. According to a report by Boston Consulting Group, the sector is projected to reach $15 billion by 2025, up from $7 billion in 2021. MakeMyTrip, which holds a significant market share, has positioned itself as a leader in this space, competing with platforms like Goibibo, Yatra, and foreign entrants such as Booking.com.

Analysts note that an IPO in India would allow MakeMyTrip to capitalize on the country’s robust investor appetite for technology-driven enterprises. However, the company faces challenges, including regulatory scrutiny, intense competition, and the need to balance profitability with aggressive expansion. The DRHP filing is expected to address these concerns, though specific financial disclosures remain under wraps.

Next Steps and Market Implications

Following the DRHP submission, SEBI will review the documents and may request additional information before approving the IPO. If cleared, MakeMyTrip could proceed with a public offering on either the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE), with the exact timeline yet to be determined. The company has not disclosed the proposed size of the offering or its target valuation, but industry estimates suggest it could raise between $100 million and $200 million.

The dual listing strategy—combining an Indian IPO with MakeMyTrip’s existing Nasdaq presence—could enhance the company’s global visibility and attract a broader investor base. It also reflects the growing importance of India as a hub for tech innovation, with domestic firms increasingly seeking to tap into both local and international capital markets.

Investors will be closely watching for updates on the IPO’s progress, as well as the company’s financial performance. MakeMyTrip’s recent quarterly reports highlight a recovery in travel demand post-pandemic, with revenue growing by 40% year-over-year in the first quarter of 2026. However, the company has yet to achieve consistent profitability, a challenge that could impact investor confidence during the IPO process.