MakeMyTrip Confidentially Files DRHP For $1 Bn India IPO, Eyes Q1 FY27 Listing

MakeMyTrip has confidentially filed a DRHP with SEBI for an OFS-only India IPO of its subsidiary, potentially raising over $1 Bn. The move aims to deepen domestic presence ahead of a Q1 FY27 listing, even as FY26 profit slid 45.8% YoY to $51.7 Mn on revenue of $1.04 Bn (+6.7%).

— Source publishedFri, 17 Jul, 2026, 20:32 IST·First seen Fri, 17 Jul, 2026, 21:14 IST·Source Inc42

What happened

MakeMyTrip confidentially filed a DRHP with SEBI for an India IPO of its subsidiary, an OFS-only offering potentially raising over $1 Bn, aiming to boost

Key facts

  • $1 Bn IPO
  • $720 Mn ibibo deal
  • FY26 profit $51.7 Mn -45.8% YoY
  • FY26 revenue $1.04 Bn +6.7%
  • Q4 FY26 profit $24.3 Mn -16.8%
  • Q4 revenue $250.1 Mn +1.9%

Why this matters

The India-specific subsidiary listing creates a domestic currency for regional M&A and partnerships, positioning MakeMyTrip to consolidate travel commerce plays even as headline profitability weakens.

What to watch

  • SEBI observation letter and updated RHP financials
  • Q2/Q3 FY26 quarterly margin trajectory
  • Air/hotel booking volume trends and discount intensity
  • Anchor investor commitments and grey market premium
  • Trip.com and PE lock-up disclosures
  • Watch bankers set price band anchored to revenue rather than earnings given margin drop
  • Monitor Trip.com stake dilution intent via OFS proportions
  • Expect competitors (Ixigo, EaseMyTrip) to accelerate their own capital or M&A moves
  • Anticipate increased marketing/discount spend defending market share pre-listing

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