MakeMyTrip India files confidential DRHP for up to $1 billion dual US-India listing
MakeMyTrip's India unit has confidentially filed a DRHP with SEBI for a BSE and NSE listing, potentially raising up to $1 billion. The move targets a dual US-India listing to lift brand visibility and liquidity, with the group carrying a $3.88 billion market cap versus $12.6 billion in May 2025.
What happened
MakeMyTrip's India unit confidentially filed a DRHP with SEBI for an India IPO on BSE and NSE, potentially raising up to $1 billion, aiming for a dual US-India
Key facts
- $1 billion raise
- $1 billion FY26 revenue
- $3.88 billion market cap
- $12.6 billion May 2025 market cap
Why this matters
A pending SEBI filing signals MakeMyTrip is prioritizing capital and India-market positioning, which may open partnership or acquisition windows in Indian travel as it deploys fresh proceeds.
What to watch
- SEBI clearance and public DRHP filing timeline
- Domestic travel booking volumes and quarterly GMV trends
- India equity market IPO window conditions and Nifty volatility
- ADR price movement toward the $3.88B cap floor
- FX rupee stability affecting dual-listing arbitrage
- Monitor for public DRHP conversion and price band disclosure
- Watch competitor OTAs (Yatra, EaseMyTrip, Ixigo) reprice on comparable multiples
- Anchor investor lineup and cornerstone commitments signal demand
- US ADR holders assess arbitrage between NASDAQ and India listing