MakeMyTrip Takes First Step Toward IPO with Confidential Draft Prospectus Filing
MakeMyTrip has quietly submitted a Draft Red Herring Prospectus (DRHP) for its IPO, taking a significant step towards listing its Indian unit on local stock exchanges. The planned offer for sale (OFS) will boost the company’s financial condition, increase brand recognition and support future growth.
In preparation for its Indian subsidiary's first public offering, MakeMyTrip (MMT) stated on July 17 that it had secretly pre-filed a red herring prospectus with the stock market regulator. The biggest online travel agency in India, MMT, which is listed on the Nasdaq, is planning to float its shares on stock exchanges through the offer for sale route.
It is the company's hope that the planned listing will raise awareness of its brand. Additionally, it will bolster its capacity to attract and retain top individuals in the cutthroat technology industry, the company added.
Specifics of the IPO
According to the reports, investment firms Axis Capital, JP Morgan, Morgan Stanley, and Kotak Mahindra Bank were serving as consultants for the mammoth issuance, which was expected to include an offer for sale. The filing indicated that ibibo Group Holdings (Singapore) Pte. Ltd., a wholly-owned subsidiary of MakeMyTrip, and MMT India are likely to sell equity shares in the proposed initial public offering. When the planned initial public offering is finalised, MMT India will still be considered a subsidiary of MakeMyTrip and will be included in the consolidated financial statements of MakeMyTrip.
With the money that ibibo Holdings and MakeMyTrip got by selling MMT India shares, MakeMyTrip's cash position will be even stronger. In addition, MakeMyTrip plans to use the money for things like long-term expansion, strategic inorganic projects, and buying back various kinds of stock, including convertible bonds. Shareholders of both MakeMyTrip and MMT India may be able to reap the benefits of a fungible security listed on both the Indian and US stock markets in the medium to long term, provided that the necessary regulatory clearances are obtained.
MakeMyTrip Unveils OneCircle Rewards Programme
OneCircle, a worldwide rewards programme accessible across MakeMyTrip's network of 13,376 properties (including hotels and alternative housing) in 1,002 locations across India and beyond, was launched on 7 June by MakeMyTrip, a travel aggregator in India. Customers can earn reward points equal to at least 10% of their accommodation spending with every booking through the rewards programme. These points can be used for future stays across the network.
Nearly all Indian tourists (around 93%) are members of a loyalty scheme. According to the 2026 Loyalty Trends Report by Marriott Bonvoy, the hotel loyalty programme of Marriott International, India has become the second-highest participation market in the Asia-Pacific excluding China (APEC) region. The survey found that 41% of Indian tourists are still actively participating in loyalty programmes, which shows that they are interested in rewards programmes.
With 868 cities and over 12,330 properties included, MakeMyTrip's rewards scheme caters in major part to the increasing demand for domestic tourism in India. It includes 1,046 homes in 134 locations across 39 countries on an international scale.
