IPO · Commerce & Consumer Brands

MakeMyTrip files for $1 billion subsidiary IPO

By Startup Enthusiast · 17 July 2026

What they do

MakeMyTrip is an online travel company that sells flights and hotels

It filed confidential papers for a $1 billion Offer for Sale IPO in India

The listing aims to boost brand visibility and help hire tech talent

MakeMyTrip Ltd filed its DRHP with SEBI for an Indian IPO of its subsidiary.
The parent company is listed on the NASDAQ in the United States.
The IPO structure is an Offer for Sale meaning no new money reaches the company.
Sellers include the parent firm and Singapore-based ibibo Group Holdings.
The potential raise is over $1 billion from selling existing shares.
Advisers include Axis Capital, Morgan Stanley, and JP Morgan.
The idea was floated in March 2026 with a target listing in Q1 FY27.
The move seeks to enhance brand visibility and incentivize talent recruitment.

The company listed on NASDAQ in 2010 for better access to institutional capital.
This IPO allows exploration of fungible securities across India and US markets.
The strategy supports growth in a competitive tech recruitment landscape.

MakeMyTrip operates as an online travel booking platform for consumers.
It merged RedBus into its Indian entity for operational restructuring.
The company holds minority stakes in Atlys and Flamingo Transworld.
FY26 revenue reached $1.04 billion showing a 6.7% year-on-year increase.
FY26 profit was $51.7 million which fell 45.8% compared to last year.
Q4 FY26 revenue grew 1.9% to $250.1 million.
Q4 FY26 profit dropped 16.8% to $24.3 million.
The business focuses on inorganic growth through strategic minority investments.