India’s primary market saw a subdued start to 2026, although early April witnessed mixed listing activity, with more companies expected to tap the bourses in the coming period. In this evolving market environment, MakeMyTrip, currently listed on Nasdaq, is reportedly exploring an IPO in India in the first quarter of 2027.

MakeMyTrip Gears Up for India IPO in Q1 2027; Global Bankers Onboard

India’s primary market saw a subdued start to 2026, although early April witnessed mixed listing activity, with more companies expected to tap the bourses in the coming period. In this evolving market environment, MakeMyTrip, currently listed on Nasdaq, is reportedly exploring an Initial Public Offering (IPO) in India in the first quarter of 2027.

The development comes at a time of geopolitical uncertainties, slower corporate earnings growth, and uneven foreign portfolio inflows, which have collectively influenced market sentiment.

According to a Bloomberg report, MakeMyTrip has appointed Axis Capital, Morgan Stanley, and JPMorgan Chase as advisers for the proposed share sale and is expected to expand its banking syndicate further.

However, discussions are still ongoing, and key details such as issue size, valuation, and final timing remain subject to change.

Strategic Move to Tap Indian Investors

As per Inc42, the proposed listing is aimed at raising capital from domestic investors while leveraging India-listed equity to support future expansion plans.

Ahead of the IPO, the company has undertaken internal restructuring, consolidating its Indian operations under a single entity. As part of this exercise, RedBus India has been merged with MakeMyTrip India Pvt Ltd.

If the listing proceeds, the report said MakeMyTrip would become the second Indian-origin traveltech firm to list in India after debuting overseas, following the path of Yatra Online, which entered Indian markets in 2023 after a US listing.

Financial Performance and Growth Metrics

MakeMyTrip reported a 73% decline in net profit to $7.3 million in Q3 FY26, primarily due to higher finance costs. However, operating revenue rose 11% year-on-year (YoY) and 29% sequentially to $295.7 million, indicating steady underlying demand.

According to Inc42, the company has processed over 8.7 crore transactions and serves more than 77,000 SME and enterprise clients. Its current market capitalisation stands at over $5 billion.

Expansion Through Acquisitions

Over the years, MakeMyTrip has strengthened its ecosystem through acquisitions, including Goibibo and RedBus, expanding its footprint across flights, hotels, and bus bookings.