SEBI Clears MakeMyTrip's India Unit for an IPO, Setting Up a Rare Domestic Listing of a Nasdaq-Listed Company's Indian Arm

MakeMyTrip, the Indian online travel company that has been listed on Nasdaq for more than 15 years, is a step closer to listing its Indian business at home, after the market regulator cleared its plan for a public offering.

The Securities and Exchange Board of India (SEBI) issued its final observations on the proposed initial public offering of MakeMyTrip (India) Ltd, known as MMT India, on November 6, 2026, according to PTI as published by The Federal. The update appeared on the regulator's website on Monday, November 9.

MMT India filed its draft papers with SEBI in July through the confidential pre-filing route, which allows companies to keep details of their offering private until later in the process.

An offer for sale

The IPO will be an offer for sale (OFS), with no fresh issue of shares, according to Inc42. The selling shareholders are MakeMyTrip Ltd, the Nasdaq-listed parent, and its wholly owned subsidiary ibibo Group Holdings (Singapore) Pte Ltd.

Earlier reports suggested the company could raise more than $1 billion, according to Inc42, although the issue size, price band and valuation have not been disclosed.

After the IPO, MMT India will remain a subsidiary of MakeMyTrip, and its financial results will continue to be consolidated into the parent's accounts.

Why list in India

MakeMyTrip said it expects the listing to raise its profile at home. "MakeMyTrip expects the proposed initial public offering and listing of MMT India to enhance its brand visibility," the company said in a filing, according to The Federal. Inc42 reported that the company also expects the listing to help it attract and retain talent.

The parent and ibibo Group expect the proceeds from the share sale to strengthen MakeMyTrip's cash position, according to The Federal. The parent said the money will fund long-term growth, strategic inorganic initiatives and repurchases of its securities, including convertible securities.

A long journey

MakeMyTrip was founded in 2000 by Deep Kalra and listed on Nasdaq in 2010, becoming one of the first Indian internet companies to list in the United States. The idea of an Indian listing was first floated in March 2026, according to Inc42.

In October 2016, MakeMyTrip acquired ibibo Group, which owned the Goibibo and redBus brands, in an all-stock deal valued at roughly $720 million, consolidating India's online travel market. Ahead of the IPO filing, the company merged its redBus subsidiary into the Indian entity.

Building out the platform

MakeMyTrip has been expanding its offerings. It recently acquired a controlling stake in Quick Ride, a startup offering car-pooling services, according to Inc42, and minority stakes in visa processing platform Atlys and holiday packages company Flamingo Transworld.

The company operates across flights, hotels, holiday packages, buses, trains and other travel services, competing with EaseMyTrip, ixigo and Cleartrip, as well as traditional travel agents.

The numbers

In the July-September quarter, MakeMyTrip reported a consolidated net profit of $1.8 million, compared with a loss of $5.7 million a year earlier, according to Inc42. Revenue rose 2.5% to $235.2 million. For the 2025-26 financial year, profit fell 45.8% to $51.7 million, while revenue grew 6.7% to $1.04 billion.

A crowded IPO pipeline

MMT India would join a growing list of Indian technology companies listed on domestic exchanges. India now has more than 70 listed new-age technology companies, and 18 have debuted this year, including Rentomojo, Shiprocket, Fractal and Shadowfax, according to Inc42.

Several other large technology IPOs are in the pipeline, including payments company Razorpay, which has received SEBI approval for a ₹6,000 crore offering. The strong performance of many recent listings has encouraged more companies to tap Indian markets.

A dual-listing model

The structure of MakeMyTrip's offering is unusual. Rather than moving its primary listing to India, as some companies have done through so-called "reverse flips," MakeMyTrip is listing a subsidiary in India while keeping the parent on Nasdaq. Global companies such as Hyundai Motor, LG Electronics and others have listed Indian subsidiaries to tap strong domestic investor demand and achieve higher valuations, and MakeMyTrip appears to be following a similar path.

The approach allows the parent to raise money by selling part of its stake in the Indian business, while giving Indian investors direct access to the company's core market.

The Indian travel boom

The listing comes as India's travel market is growing rapidly. Rising incomes, expanding air connectivity, new airports and a growing middle class have fuelled demand for domestic and international travel. Indians spent $10.96 billion on overseas travel in the first eight months of 2026 under the Reserve Bank of India's Liberalised Remittance Scheme, according to RBI data.

Domestic tourism has also boomed, with religious tourism, weekend getaways and destination weddings driving demand. Online travel platforms have benefited as more travellers book flights, hotels and holidays through apps.

Competition and challenges

MakeMyTrip faces competition not only from Indian rivals but also from global platforms such as Booking.com, Agoda and Airbnb, which reported that its India bookings grew more than 60% in the third quarter. Airlines and hotel chains are also pushing direct bookings through their own apps and loyalty programmes.

The rise of AI-powered travel planning tools could also change how consumers search for and book travel. MakeMyTrip has been investing in AI to improve personalisation and customer service.

What the IPO means for investors

For Indian retail and institutional investors, MMT India would offer direct exposure to the country's online travel market through a domestically listed company. Until now, investors wanting exposure to MakeMyTrip had to buy its Nasdaq-listed shares, which is less convenient for many Indian investors because of overseas investment rules and costs.

Analysts will compare MMT India with listed Indian travel companies such as ixigo and EaseMyTrip, as well as with global online travel agencies such as Booking Holdings and Expedia, when assessing its valuation. The company's leadership in online travel in India, its profitability and its brand strength are likely to be key selling points.

What comes next

With SEBI's approval in hand, MMT India can proceed with preparations for its IPO, including filing an updated draft prospectus and setting a price band. The timing will depend on market conditions. If completed, the listing would give Indian investors a direct stake in one of the country's best-known consumer internet brands, and would be one of the most significant new-age tech IPOs of the year.