MakeMyTrip IPO Plans for India Operations

MakeMyTrip, a notable travel platform listed on NASDAQ, is contemplating an initial public offering (IPO) specifically for its operations in India. This strategic move would enable the company to access domestic capital markets while reinforcing its foothold in its primary market—India. This marks the second attempt by the Gurugram-headquartered company to pursue a listing in India within the last five years.

Market Context

The timing of this decision coincides with a decline in MakeMyTrip’s market capitalisation, which has dropped from $10 billion to $4.5 billion in the last six months. Analysts attribute this downturn to reduced demand in certain travel segments, combined with broader challenges faced by the industry, causing MakeMyTrip to fall short of its revenue projections and leading its stock to a 52-week low.

Potential Listing Details

According to a recent press release from the company, MakeMyTrip is actively exploring the possibility of listing MakeMyTrip India, the entity responsible for its prominent brands and operations within the country. The firm has also recently executed an internal restructuring by merging RedBus India into MakeMyTrip (India) Private Limited, effectively centralising its key business operations in India under a single entity.

Strategic Growth Initiatives

This announcement is part of a comprehensive update where MakeMyTrip reiterated its ambition to lead the travel market in India through strategies involving investments, acquisitions, and technological advancements. The company anticipates that this listing will facilitate the utilisation of India-listed shares for future growth initiatives.

Recent Acquisitions

The firm has recently acquired a majority stake in group tour operator Flamingo Transworld and made a strategic minority investment in the visa processing platform Atlys to broaden its travel ecosystem.

Past Listing Attempts

Under the leadership of Rajesh Magao, MakeMyTrip also made an attempt to list in India shortly following the Covid pandemic (2021–2022). However, that effort was stalled due to adverse market conditions, during which time its competitor Ixigo also postponed its listing plans.

Financial Performance

On the financial front, MakeMyTrip reported an 11% increase in operating revenue, reaching $295.7 million in Q3 FY26, up from $267 million in Q3 FY25. However, the company saw a significant profit decline of 74%, resulting in a profit of $7 million for the same period.