MakeMyTrip Nears $1 Bn India IPO Filing With Kotak, Axis, JP Morgan On Board
MakeMyTrip is set to file a confidential draft for a $1 billion India IPO within a week, advised by Kotak, Axis, JP Morgan and Morgan Stanley. The move follows strong FY26 results with bus ticketing up 29% and hotels/packages up 15%, even as CCI price-parity allegations and a ₹223 crore fine loom.
What happened
MakeMyTrip is preparing a confidential draft filing for a $1 billion India IPO, likely within a week, advised by Kotak, Axis, JP Morgan and Morgan Stanley. The
Key facts
- $1 billion IPO
- $10 billion annual gross bookings
- $5.42 billion Nasdaq market cap
- ₹223 crore CCI fine
- bus ticketing +29%
- hotels/packages +15%
- air ticketing +13%
Why this matters
MakeMyTrip's confidential draft filing within a week resets the online travel valuation benchmark, opening windows for competitive positioning, partnership, or consolidation moves ahead of the listing.
What to watch
- SEBI/confidential filing confirmation within stated one-week window
- CCI final order or interim relief on price-parity clauses
- Valuation guidance or grey-market premium chatter
- Q1 FY27 booking volume trends for bus and hotels segments
- Broader Indian IPO market conditions and Nifty volatility
- Watch for confidential DRHP submission and any leaked valuation band vs the $1bn target
- Monitor competitor responses (Yatra, EaseMyTrip, Cleartrip/Flipkart) repricing ahead of the listing
- Track CCI proceeding milestones and any settlement or appeal on the ₹223 crore fine
- Assess anchor investor line-up and domestic mutual fund allocation appetite
- Evaluate NASDAQ liquidity impact if dual-listing or partial migration is signaled