MakeMyTrip India IPO: Sebi Clears Offer for Sale by Parent
The Gurugram travel platform can now list in India, but the money goes to its Nasdaq-listed parent and a sister entity, not to the company.
Image: MakeMyTrip / Wikimedia Commons
The Securities and Exchange Board of India (Sebi) has cleared MakeMyTrip’s India subsidiary, MMT India, to launch an initial public offering, according to its latest update on the regulator’s website on Monday, 9 November 2026. Sebi issued its final observations on 6 November. The company, headquartered in Gurugram, filed draft papers in July 2026 through the confidential route, and the issue will be made up entirely of existing shares sold by its owners.
All Proceeds Go to the Sellers
The offer is an offer for sale (OFS), so MMT India itself receives none of the money. The selling shareholders are the Nasdaq-listed parent, MakeMyTrip, and its wholly owned subsidiary ibibo Group Holdings (Singapore) Pte Ltd. The parent and ibibo expect the net proceeds to add to MakeMyTrip’s cash position. MakeMyTrip says the funds will go towards long-term growth, strategic acquisitions and repurchases of securities, including convertible securities.
What Retail Investors Cannot Yet Know
Reports on the approval do not give the issue size, the number of shares on offer, the price band, the opening date or the lead managers. Investors will get those details in the red herring prospectus, which the company must file before the issue opens. Sebi’s observation letter only lets a company proceed; it is not a view on the quality of the issue.
Also read SEBI Settlement Rules 2026 Now in Force: Fees, Fast Track, 90-Day Limit
Parent Keeps Control After Listing
MMT India will remain a subsidiary of MakeMyTrip after the IPO, and its results will stay consolidated with the parent’s accounts. The company runs a travel booking platform. Its listing would add another large consumer-internet name to the Indian primary market, where Jio Platforms listed at Rs 1,358, 21% above its issue price. Market updates on IPOs and regulator decisions are tracked under the Sebi tag.
Next Step Is the Prospectus Filing
No date for the issue has been announced. The company has to file its prospectus with the Registrar of Companies and announce the price band before bidding opens.
Source: Based on reporting by ETV Bharat (PTI), IPO Guru and Daily Excelsior.
Image: MakeMyTrip / Wikimedia Commons.
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