SEBI clears MakeMyTrip's India IPO; the share sale could raise over $1 billion
The Nasdaq-listed travel company will sell part of its Indian unit to local investors, but the unit gets no new money.
- Type: 100% offer for sale
- Reported size: over $1 billion
- Parent Q2 profit: $1.8 million
What's cleared
SEBI has given its final go-ahead for MakeMyTrip (India) Ltd to list. The regulator issued its observations on 6 November, and they appeared on its website on 9 November. The company had filed its papers confidentially in July.
How it works
The IPO is entirely an offer for sale: the parent, MakeMyTrip Ltd, and its unit ibibo Group Holdings will sell shares, so the money goes to them rather than the Indian company. Reports suggest it could raise over $1 billion. MMT India will stay a subsidiary after listing. The parent says a local listing will raise brand visibility and help it reward staff. No dates or price band have been announced. The parent swung to a $1.8 million profit in its latest quarter.
