MakeMyTrip Considering India Listing After Spending Years On Nasdaq, Taps Banks For Possible IPO

MakeMyTrip, the online travel platform that has traded on the Nasdaq for over a decade, is exploring a listing on Indian trading shores. The Gurugram-headquartered company has engaged Axis Capital, Morgan Stanley, and JPMorgan as advisers for the proposed offering, the people said.

Bloomberg cites anonymous sources to report on this matter and adds that MakeMyTrip plans to bring additional banks onto the mandate. It is important to note that MakeMyTrip has not publicly confirmed the discussions, and no details on deal size, structure, valuation, or timing have been disclosed.

Why it makes sense now

A domestic listing would bring MakeMyTrip's equity home to the market it overwhelmingly serves. India is now the world's fastest-growing major aviation market, with domestic air passenger volumes repeatedly setting monthly records. Hotel bookings, holiday packages, and bus and rail ticketing have followed the same upward curve as a rising middle class allocates more of its disposable income to travel.

Listing in Mumbai would give Indian retail and institutional investors direct access to that story through a stock they can buy on the BSE or NSE, rather than navigating foreign brokerage accounts to reach the Nasdaq-quoted shares.

How will the offering be structured?

One of the more consequential details yet to emerge is how the offering would be structured. MakeMyTrip could pursue a traditional follow-on share sale, issue Indian Depository Receipts (IDRs), or explore a dual-class arrangement. Each path carries different implications for pricing, shareholder rights, and regulatory timelines under SEBI's framework.