Originals · Startup · Startups & Fintech
MakeMyTrip's India arm clears Sebi review for an IPO that will be a share sale by its Nasdaq parent
Sebi issued final observations on November 6 on MakeMyTrip (India) Ltd's confidential filing, opening the way for one of India's oldest internet travel businesses to list at home.
MakeMyTrip (India) Ltd, the Indian subsidiary of Nasdaq listed MakeMyTrip, has received the Securities and Exchange Board of India's go ahead for an initial public offering. The regulator issued its final observations on November 6, 2026, according to an update on Sebi's website reported on November 9 by PTI, carried by Business Standard and YourStory, and by CNBC-TV18. The company had filed its draft papers in July through the confidential pre filing route; Sebi's own processing list records the draft as received on July 24, 2026, with Axis Capital as coordinating lead manager.
The issue is expected to be an offer for sale, not a fresh raise. Shares in MMT India would be sold by the parent, MakeMyTrip, and its wholly owned subsidiary ibibo Group Holdings (Singapore) Pte Ltd, the Gurugram headquartered company said in a filing with Nasdaq quoted by PTI. Because it is a sale of existing shares, the money goes to those two sellers rather than to MMT India, CNBC-TV18 and Financial Express noted.
MakeMyTrip said the net proceeds would strengthen the parent's cash position and be used for long term growth, strategic inorganic initiatives and repurchases of different classes of securities, including convertible securities. It also said a listing should improve MMT India's brand visibility and help it incentivise and promote talent in a competitive technology recruitment landscape. MMT India will stay a subsidiary after the IPO, and its results will still be consolidated into the parent's accounts.
The approval lands as the parent returns to profit. PTI reported that MakeMyTrip posted a net profit of $1.8 million for the September 2026 quarter, against a loss of $5.7 million a year earlier, on revenue of $235.2 million, up 11.2 percent.
What to watch: no issue size, price band or launch date has been disclosed, CNBC-TV18 reported. Careful readers will also notice that Sebi's weekly processing list dated November 6 still showed the MakeMyTrip draft as under process, while PTI and CNBC-TV18 report final observations issued that same day. The next formal step is an updated draft red herring prospectus, which would finally put numbers on the table.
