SEBI Clears MakeMyTrip’s India IPO

SEBI Greenlights MakeMyTrip India IPO

MakeMyTrip (India) Ltd has secured the Securities and Exchange Board of India's approval to proceed with its domestic initial public offering. The regulator issued its final observations on November 6, 2026, clearing the path for the company to prepare for listing. The Indian arm had filed its draft IPO papers with SEBI on a confidential basis in July 2026.

The proposed issue is structured purely as an offer for sale, with shares to be offloaded by Nasdaq-listed parent MakeMyTrip Ltd and its wholly-owned subsidiary ibibo Group Holdings. Reports indicate the OFS could raise upwards of $1 Bn. Since no fresh capital is being raised, proceeds will accrue to the selling shareholders rather than the Indian entity. MakeMyTrip had acquired ibibo Group in October 2016 through an all-stock transaction valued at approximately $720 Mn.

Why This Matters For Businesses

For the Indian entity, the listing is expected to sharpen brand visibility and improve its ability to draw and retain talent in a competitive technology hiring market. From a group structure standpoint, MMT India will remain a subsidiary of the Nasdaq-listed parent after listing, and its financials will continue to be consolidated with the parent's results. This is a notable point for analysts tracking related-party arrangements, transfer pricing positions and consolidation disclosures across the two listed entities.

The development also reflects the broader maturity of Indian public markets. MakeMyTrip originally chose the Nasdaq in 2010, citing deeper market maturity in the US relative to domestic exchanges at the time. Since then, more than 70 new-age technology companies have listed in India, with 18 such debuts this year alone, including Rentomojo, Shiprocket, Fractal and Shadowfax. MakeMyTrip first publicly signalled interest in an India listing in March 2026.

What To Watch Next

Attention now turns to the red herring prospectus, which should disclose the OFS size, …