The confidential filing has been submitted to the Securities and Exchange Board of India (SEBI), the BSE, and the National Stock Exchange (NSE) for the proposed listing of MakeMyTrip India’s equity shares on the main boards of the exchanges. The company did not disclose the size of the proposed issue.
The IPO is expected to comprise an offer for sale (OFS) of equity shares held by MakeMyTrip Ltd. and its wholly owned subsidiary, ibibo Group Holdings (Singapore) Pte. Ltd. Following the listing, MakeMyTrip India will continue to remain a subsidiary of MakeMyTrip and will continue to be consolidated in the parent company’s financial statements.
The company said the proposed listing is expected to enhance MakeMyTrip India’s brand visibility and strengthen its ability to attract and retain talent in the competitive technology sector.
It added that the proceeds received by MakeMyTrip and ibibo Group Holdings from the share sale are expected to strengthen the group’s cash position and may be used for long-term growth initiatives, strategic acquisitions, and repurchases of various classes of securities, including convertible securities.
MakeMyTrip also said that, subject to regulatory approvals, it and its Indian unit may evaluate options over the medium term to enable shareholders to benefit from a security at the MakeMyTrip India level that is listed and fungible across both Indian and US capital markets.
