Nasdaq-listed online travel giant MakeMyTrip has reportedly made a confidential draft filing with India's market regulator for a massive $1 billion local initial public offering. This move represents a growing trend of foreign-listed tech leaders seeking premium domestic valuations.
$1 billion
Target size of the domestic public offering
Amount raised in 2010 Nasdaq IPO: $70 million→$1 billion
⏳ Time Machine
How today’s news fits into the bigger picture
10 years ago
In 2016, MakeMyTrip acquired its chief rival Ibibo Group in a massive consolidation move that cemented its dominance in the Indian travel ecosystem.
Last year
Market regulators eased the rules for confidential IPO filings, encouraging mature global companies to file their prospectus privately.
Last month
MakeMyTrip reported strong quarterly revenues, driven by an unprecedented surge in premium leisure travel across domestic tourist destinations.
Yesterday
Investment bankers reported that several US-listed Indian technology companies were exploring corporate restructuring to enable local stock listings.
Today
Reports emerge that MakeMyTrip has confidentially filed a draft prospectus with SEBI for a one-billion-dollar local public offering.
What happens next?
The company is expected to open the public subscription for its domestic shares by late November 2026, targeting a dual listing structure.
MakeMyTrip is preparing for a homecoming by initiating a confidential filing process with the Securities and Exchange Board of India for a $1 billion public listing. By opting for a confidential filing, the company can keep its financial details and expansion strategies under wraps until it is ready to launch the issue, avoiding public scrutiny from competitors. Originally listed on the Nasdaq in 2010, the company wants to capitalize on the massive liquidity and high valuations currently enjoyed by digital consumer platforms in the Indian stock market. If successful, this local listing will allow domestic retail investors to directly own shares in India’s largest online travel agency, which commands over half of the country's digital travel booking market.
💭 If you're wondering…
It is a regulatory route where a company submits its IPO draft privately to SEBI, keeping details hidden from competitors until the launch is finalized.
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Official sources
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