Online travel platform MakeMyTrip is reportedly considering a Mumbai listing by the first quarter of 2027, engaging Axis Capital, Morgan Stanley, and JPMorgan as advisors. This move aims to access domestic capital and provide Indian-listed equity for growth initiatives. The company's Nasdaq shares have seen a significant decline over the past year.

Nasdaq-listed MakeMyTrip said to hire banks for India offering

MakeMyTrip Ltd., an online travel platform listed on the Nasdaq, is considering a listing in Mumbai, according to people familiar with the matter.

The company has engaged Axis Capital Ltd., Morgan Stanley and JPMorgan Chase & Co. as advisers, and plans to add more banks for the proposed share sale, the people said, asking not to be identified as the information is private.

MakeMyTrip is targeting the first quarter of 2027 for the potential listing, the people said. Deliberations are ongoing and details including the size and valuation of the offering could change. Representatives for the banks didn’t immediately respond to requests for comment.

A representative for the company said that it is in the process of evaluating a potential listing in India, which could provide an additional avenue to access capital, including from domestic institutional and retail investors as well as enable it to provide India listed equity as potential consideration for growth initiatives.

India’s IPO market has had a subdued start to 2026 after two consecutive years of record fundraising. Equity markets have come under pressure from geopolitical tensions, slowing earnings growth and uneven foreign inflows. Still, several companies are preparing for the IPOs so that they can launch once market conditions stabilize.

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The company, which listed on the Nasdaq in 2010, operates online travel brands including MakeMyTrip, Goibibo and redBus. Its shares have declined about 55% over the past year, giving it a market value of roughly $4.5 billion.

One of MakeMyTrip’s peers, Yatra Online Ltd., pursued a dual-listing strategy, listing on Nasdaq in 2016 through a reverse merger with a special purpose company before launching an IPO in India in 2023 at roughly double its Nasdaq market capitalization. The company is currently valued at about $183 million in India and $68 million on Nasdaq.

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