MakeMyTrip Files for India IPO After 15 Years

Outlook Business reported on 18 July 2026 that MakeMyTrip filed a confidential draft red herring prospectus with SEBI on 17 July to list its Indian subsidiary on the BSE and NSE, 15 years after the company listed on Nasdaq.

What the filing contains

The IPO will primarily be an offer for sale, with existing shareholders MakeMyTrip Limited and ibibo Group Holdings (Singapore) selling part of their holdings. No fresh shares are planned in that structure, so proceeds go to the selling shareholders rather than the company. MakeMyTrip has not disclosed the offer size. The company is also weighing a dual listing structure that would let shareholders hold a security fungible across Indian and United States markets, which needs regulatory approval. Kotak Mahindra Capital, Axis Capital, JPMorgan India and Morgan Stanley India are running the book. Outlook Business noted the funds could support long term expansion, inorganic growth and the repurchase of certain securities.

Why a consumer listing is a benchmark

MakeMyTrip is India’s largest online travel company. A homecoming listing gives the domestic market a large, branded consumer name to price. That sets a reference for how public investors value consumer demand, repeat behaviour and margins in India. The confidential route is worth noting too. It lets a company start the review without publishing size, valuation or terms early. More consumer companies are choosing that path to keep control of the narrative until they are ready.

What an operator does with this

Read the disclosures when they surface. A large consumer DRHP is a free benchmarking file. When the numbers become public, study how MakeMyTrip frames cohort retention, contribution margin and marketing spend, because that is the language public investors reward. If your own exit path points toward the public market, the metrics that clear a consumer listing are the metrics to build toward now, years ahead of any filing.