Nasdaq-listed MakeMyTrip is reportedly moving ahead with plans for a potential public offering in India, engaging top investment banks to prepare for a domestic listing. According to reports, the online travel major has hired Axis Capital, Morgan Stanley and JPMorgan Chase as advisers for the proposed share sale, while also considering adding more banks to the syndicate.
The move signals a renewed push by the company to tap into India’s capital markets, even as it remains listed on Nasdaq. Discussions are still at a preliminary stage, and key details such as the size of the offering, valuation and timeline are yet to be finalised.
People familiar with the matter indicated that the company is targeting a possible listing around the first quarter of 2027, though timelines could shift depending on market conditions and internal deliberations.
India Listing Seen as Strategic Move for Growth:
MakeMyTrip’s proposed India offering is being viewed as a strategic step to strengthen its foothold in its largest market. While the company already enjoys a dominant position in India’s online travel segment, a domestic listing could open up new avenues for capital and enhance its brand visibility among Indian investors.
In earlier regulatory filings, the company had indicated that listing in India would allow it to access domestic institutional and retail investors more effectively. It would also enable the use of India-listed equity for acquisitions and other growth initiatives.
Industry observers say this aligns with a broader trend of global and overseas-listed Indian companies looking to tap domestic markets, where investor appetite for tech-driven consumer businesses remains strong.
The timing also reflects India’s rapidly expanding travel sector, which has seen strong recovery and growth in recent years. With rising disposable incomes and increasing digital adoption, online travel platforms are witnessing steady demand across segments such as flights, hotels, and holiday packages.
Banking Syndicate to Drive IPO Process:
The selection of leading global and domestic banks highlights the scale and ambition of the proposed offering. Axis Capital is expected to bring strong domestic market expertise, while Morgan Stanley and JPMorgan add global investment banking experience and access to international investors.
Reports suggest that MakeMyTrip may expand the syndicate further by bringing in additional banks, a common practice for large IPOs aimed at maximising investor reach and ensuring successful execution.
The involvement of multiple banks also points to the complexity of the transaction, especially given that the company is already listed overseas. Structuring a domestic offering alongside an existing international listing requires careful planning, regulatory approvals and alignment with market conditions.
Experts note that such dual-listing strategies can provide companies with greater flexibility in capital raising while also diversifying their investor base. However, they also come with regulatory and operational challenges that need to be addressed carefully.
Market Buzz and Social Media Reactions:
The reports around MakeMyTrip’s potential India listing have generated significant buzz across financial and startup circles, with many viewing it as a major development in the IPO space.
“MakeMyTrip hires banks for potential India IPO”~NDTV Profit
“Travel tech major eyes India listing by 2027”~Inc42
“Big move as Nasdaq-listed firm looks to tap domestic investors”~ET Markets
“India IPO market could see another major tech listing”~Business Standard
Analysts believe that if the listing goes ahead, it could become one of the most closely watched IPOs in India’s travel and tech sector. It would also reinforce the trend of companies seeking to align their capital markets presence with their core business geography.
As discussions continue, the proposed offering remains subject to market conditions and regulatory approvals. However, the early steps such as hiring leading banks indicate that MakeMyTrip is seriously evaluating its India listing ambitions, potentially setting the stage for a significant market debut in the coming years.
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