Wealthova: “MakeMyTrip Engages Banks for Upcoming India IPO as Nasdaq-Listed Company Pursues Local Market Expansion”

MakeMyTrip Ltd., a well-established online travel platform trading on the Nasdaq, is exploring the possibility of listing its shares in Mumbai, as reported by sources familiar with the company’s plans. Engaging notable financial institutions such as Axis Capital Ltd., Morgan Stanley, and JPMorgan Chase & Co. as advisers, MakeMyTrip aims to broaden its capital base. The intended timeline for this potential listing is set for the first quarter of 2027, although ongoing discussions could lead to changes in the specifics surrounding the size and valuation of the offering.

The rationale behind this strategic move includes efforts to tap into the Indian market for additional funding opportunities, particularly from domestic institutional and retail investors. This local listing may also provide MakeMyTrip with greater flexibility in terms of utilizing India-listed equity as a means of facilitating growth initiatives. Despite a subdued IPO market in India for 2026, which has seen pressures from geopolitical factors and fluctuating foreign inflows, the company’s management is optimistic and remains committed to evaluating this path as conditions improve.

Having debuted on the Nasdaq in 2010, MakeMyTrip currently operates well-known travel brands such as MakeMyTrip, Goibibo, and redBus. However, the company’s market value has significantly decreased, with shares plunging approximately 55% over the past year, now sitting at around $4.5 billion. This decline has led to comparative scrutiny, drawing parallels to its competitor, Yatra Online Ltd., which successfully navigated a dual-listing strategy—first listing on Nasdaq and later launching an IPO in India. Yatra’s approach resulted in substantial valuation increases, illustrating the potential benefits of a similar strategic shift for MakeMyTrip as it considers entering the Indian market again.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova team.)