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MakeMyTrip eyes India listing to tap domestic capital markets

Entrackr · 1d ago

Medial

MakeMyTrip, a travel platform listed on NASDAQ, is considering an initial public offering (IPO) for its India operations. This strategic listing would allow the company to tap into domestic capital markets and strengthen its position in India. This represents the Gurugram-based company’s second attempt to list in India in the past five years. The decision to list in India comes at a time when MakeMyTrip’s market cap has dropped from $10 billion to $4.5 billion over the past six months. Analysts say that weaker demand in specific travel segments, along with broader industry challenges, led MakeMyTrip to miss its revenue estimates and push its stock to a 52-week low. According to a company press release, the firm is exploring a potential listing of MakeMyTrip India, the entity that owns its key brands and operations in the country. It recently completed an internal restructuring by merging RedBus India into MakeMyTrip (India) Private Limited which consolidated its core India businesses under a single entity. The announcement was part of a larger update where MakeMyTrip confirmed its commitment to becoming the leader in India's travel market by investing, buying other companies, and improving technology. The company expects the move to enable the use of India-listed equity as consideration for future growth initiatives. The firm recently acquired a majority stake in group tour operator Flamingo Transworld and made a strategic minority investment in visa processing platform Atlys to expand its travel ecosystem. The Rajesh Magao-led firm also attempted to list in India shortly after Covid (2021–2022). However, it could not proceed due to challenging market conditions, when its peer Ixigo also deferred its listing plans. On the financial side, MakeMyTrip’s operating revenue increased by 11% to $295.7 million in Q3 FY26 from $267 million in Q3 FY25, while its profit decreased by 74% to $7 million in the same period.