By ipomarket.in Editorial Team · Last reviewed: 2026-11-09
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
MakeMyTrip, one of India's best-known online travel brands, is moving towards a domestic stock market listing through its India subsidiary. The company has received SEBI approval to proceed with its initial public offering (IPO) preparations, and the proposed issue is structured as an offer for sale rather than a fresh fund-raise. Several key details, including the price band and subscription dates, are still not disclosed.
This article pulls together only what has been confirmed so far, flags what remains uncertain, and explains what the structure means for retail investors.
What has been confirmed
MakeMyTrip's India arm (referred to as MMT India) confidentially pre-filed a draft red herring prospectus (DRHP) with SEBI, BSE and NSE on 17 July 2026 for a proposed Main Board listing. A DRHP is the detailed disclosure document a company files before an IPO; the "confidential" route lets a company file for review without the full document becoming public immediately. You can read more about how this document works in our guide to what a DRHP is and how to read it.
More recently, MMT India received SEBI approval to proceed with its IPO preparations. The approval date itself has not been disclosed in the public reports we reviewed.
Importantly, the issue is structured as an offer for sale (OFS) by parent MakeMyTrip and its subsidiary ibibo Group Holdings. In an OFS, existing shareholders sell part of their stake to the public, and the proceeds go to those selling shareholders rather than into the company. This matters because the listed Indian entity would not raise fresh capital for growth, expansion or debt reduction through this route. If you are unclear on the distinction, our explainer on fresh issue versus OFS and where the IPO money goes covers it in plain terms.
The size: what reports suggest
Market reports suggest the proposed India IPO could exceed $1 billion (approximately ₹8,600 crore). This figure has not been confirmed by the company and should be treated as a report, not a fact. No official issue size has been published, and a confidentially filed DRHP does not disclose the size at this stage.
Until the company files an updated, public DRHP or the red herring prospectus with a defined price band, the actual size will remain speculative.
A listed US parent, a listing in India
MakeMyTrip has an unusual history for an Indian consumer brand. It first listed on NASDAQ on 12 August 2010, making it the first Indian company to list on a US exchange. The proposed India IPO would therefore be a domestic listing of the Indian operating subsidiary, not the group's first time in public markets.
Following the proposed IPO, MMT India will remain a subsidiary of NASDAQ-listed MakeMyTrip and continue to be consolidated in its parent's financial statements. For investors, this means the Indian listed entity would sit beneath a US-listed parent that retains control. That relationship, including how costs, revenues and governance are shared between parent and subsidiary, is the kind of detail worth examining closely in the offer document once it becomes public.
What is still unknown
Several things that retail investors usually want to see are not yet available:
- Price band: not yet disclosed. Until it is published, no valuation, lot size or minimum application amount can be calculated.
- Subscription dates: not yet announced.
- Issue size: only a report of a figure exceeding $1 billion exists; nothing official.
- Financials and shareholding breakdown: these will appear in the public version of the DRHP.
Because the current filing is confidential, the full prospectus is not in the public domain. That limits how much any investor can analyse right now. We would caution against drawing conclusions on valuation or demand from grey market chatter at this early stage. For context on why grey market signals can mislead, see our explainer on what IPO GMP is and how it works.
How retail investors can approach this
At this stage, the useful work is preparation rather than decision-making. Watch for the public DRHP, then the price band and the red herring prospectus, which together will carry the financials, the exact split between the two selling shareholders, risk factors and the stated use of the OFS proceeds. An OFS structure in particular deserves attention: since no money reaches the company, the investment case rests entirely on the business quality and the price at which existing holders choose to sell.
We will update this page as official figures are confirmed. You can track the status on our MakeMyTrip IPO page and browse other upcoming IPOs.
FAQ
When is the MakeMyTrip India IPO date?
The subscription dates have not been announced. The India subsidiary pre-filed its DRHP confidentially on 17 July 2026 and has since received SEBI approval to proceed, but no listing or bidding dates are confirmed yet.
What is the price band for the MakeMyTrip India IPO?
The price band has not yet been disclosed. It will be announced closer to the subscription dates, once the public version of the offer document is filed.
Is the MakeMyTrip India IPO a fresh issue or an offer for sale?
It is structured as an offer for sale by parent MakeMyTrip and its subsidiary ibibo Group Holdings. This means existing shareholders sell shares and the proceeds go to them, not to the company.
How big is the MakeMyTrip India IPO?
No official size has been confirmed. Market reports suggest it could exceed $1 billion (approximately ₹8,600 crore), but this is a report, not a company-confirmed figure.
Will MakeMyTrip still be listed on NASDAQ after the India IPO?
Yes. The parent MakeMyTrip remains NASDAQ-listed, and after the proposed IPO, MMT India will continue as its subsidiary and be consolidated in the parent's financial statements. MakeMyTrip first listed on NASDAQ on 12 August 2010.
Last reviewed: 2026-11-09. Figures are drawn from reports available at the time of writing and will be updated as official filings are confirmed.