Nasdaq-listed online travel platform MakeMyTrip’s Indian subsidiary, MakeMyTrip (India) Ltd (MMT India), has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO).
The markets regulator issued its final observations on November 6, according to an update on SEBI’s website on Monday, November 9.
MMT India had filed its draft IPO papers with SEBI in July 2026 through the confidential filing route.
The regulatory clearance allows the company to move ahead with preparations for the proposed public issue, subject to applicable regulatory requirements.
MakeMyTrip IPO: Issue structure
The proposed IPO is expected to comprise an offer for sale (OFS) of equity shares in MMT India by its Nasdaq-listed parent, MakeMyTrip, and the parent’s wholly-owned subsidiary, ibibo Group Holdings (Singapore) Pte Ltd.
According to a regulatory filing with Nasdaq, MMT India will continue to remain a subsidiary of MakeMyTrip after the IPO. Its financial results will also continue to be consolidated with those of the parent company.
The company has not yet disclosed the proposed IPO size, price band or launch dates.
MakeMyTrip IPO: How will the proceeds be used?
The proceeds from the sale of MMT India shares are expected to strengthen the parent company’s cash position.
According to the regulatory filing, MakeMyTrip intends to use the proceeds to support long-term growth, pursue strategic acquisitions and other inorganic initiatives, and repurchase different classes of securities, including convertible securities.
Since the proposed issue is expected to be an OFS, the proceeds from the sale of existing shares will go to the selling shareholders rather than MMT India.
The company also expects the proposed listing to improve the Indian subsidiary’s brand visibility and strengthen its ability to attract and retain talent.
“MakeMyTrip expects the proposed initial public offering and listing of MMT India to enhance its brand visibility and support MMT India’s ability to incentivise and promote talent in a competitive technology recruitment landscape,” the filing stated.
What does MakeMyTrip do?
MakeMyTrip is an online travel services provider operating brands such as MakeMyTrip, Goibibo and redBus.
The company offers domestic and international flight bookings, hotel reservations, holiday packages, railway tickets, car hire, tours and attractions.
Its digital platforms allow customers to search, compare, book and manage travel services.
MakeMyTrip also provides foreign exchange services, cross-border remittances, prepaid forex cards, visa-processing services and travel-related assurance products.