SEBI issued final observations on MakeMyTrip India's draft IPO papers on 6 November, its daily status sheet shows. The Nasdaq parent and ibibo are the expected sellers.
Cover image: The Bombay Stock Exchange building in Mumbai (file photo) — photo by Niyantha Shekhar, CC BY 2.0, via Wikimedia Commons.
MakeMyTrip's Indian operating company is a step closer to a home listing. The Securities and Exchange Board of India (SEBI) issued its final observations on the confidential draft prospectus of MakeMyTrip (India) Limited on 6 November, the regulator's daily status sheet shows. PTI, in copy carried by BusinessLine on 9 November, reported the step as SEBI's approval to launch the offer, and Indian outlets are calling it the MakeMyTrip India IPO SEBI approval.
The sale is expected to raise nothing for the Indian business itself. Nasdaq-listed MakeMyTrip Limited told the US Securities and Exchange Commission in July that the offer is expected to involve a sale of existing shares by the parent and its wholly owned subsidiary, ibibo Group Holdings (Singapore). Indian media reports, cited by Inc42, put the size at more than $1 billion. Neither the company nor SEBI has given a figure.
What does the MakeMyTrip India IPO SEBI approval actually cover?
Strictly, SEBI does not approve an IPO. Final observations are the regulator's comments on a draft offer document. Once they are issued the company can proceed with preparations for the issue, subject to regulatory requirements, PTI reported. They are not a price band, a size or a date.
SEBI's own records do not yet agree. Its daily sheet of offer documents on which final observations have been issued, checked on 13 November, lists "MakeMyTrip (India) Limited" with Axis Capital as lead manager, a receipt date of 24 July and "Final Observation Issued" on 6 November. Its weekly processing-status list dated 9 November still shows "MakeMyTrip India Limited" as a pre-filing under process, with a last communication on 29 October. MakeMyTrip had filed nothing on the observations with the SEC as of 13 November 2026.
The parent announced the confidential pre-filing in an SEC filing on 17 July, a week before the receipt date SEBI records. The listing is planned for the main boards of BSE and the National Stock Exchange of India.
Who sells, and where does the money go?
MakeMyTrip Limited and ibibo Group Holdings are the expected sellers, so the proceeds flow to the Nasdaq parent. The July filing says the cash is "expected to be utilized for long-term growth, strategic inorganic initiatives and repurchases of different classes of securities (including convertible securities)".
The group is not short of cash. At 30 September it held $427.9 million in cash and cash equivalents and $388.6 million in term deposits, its second-quarter release shows, and its board has authorised buybacks of convertible notes due 2028 and 2030.
MMT India stays a consolidated subsidiary after the offer. The parent, which has been listed on Nasdaq since 2010, also said it may in the medium term evaluate a security at MMT India level that is "fungible and listed across India and US capital markets".
What do the latest results say about the business being listed?
Group results for the quarter to 30 September, reported on 26 October, show bookings growing much faster than revenue. Gross bookings reached $2,724.7 million, up 20.9 per cent in constant currency. Revenue under IFRS rose only 2.5 per cent to $235.2 million, or 11.2 per cent in constant currency.
Two things help to explain the gap. The company said the rupee fell about 10 per cent against the dollar year on year. And discounts and loyalty costs deducted from revenue, which it calls customer inducements, rose to $108.9 million from $89.1 million. By our arithmetic that is 4.0 per cent of gross bookings, up from 3.6 per cent.
| Segment (quarter to 30 September 2026, company release) | IFRS revenue ($m) | Change in dollars | Adjusted margin ($m) | Change, constant currency |
|---|---|---|---|---|
| Air ticketing | 56.7 | -7.2% | 108.6 | +14.3% |
| Hotels and packages | 107.1 | -1.0% | 116.8 | +20.2% |
| Bus ticketing | 39.1 | +16.6% | 45.1 | +29.0% |
| Others | 32.3 | +21.6% | 24.4 | +29.8% |
| Group | 235.2 | +2.5% | 294.9 (our sum) | Not given |
Hotels, packages, buses and other services produced $186.3 million of adjusted margin, or 63.2 per cent of the total on our calculation. See our guide to how online travel agencies make money.
Profit for the quarter was $1.8 million, against a loss of $5.7 million a year earlier.
What should suppliers and the trade watch next?
The company blamed weak long-haul outbound demand on fuel-driven airfares and the weaker rupee, the same fuel pressure behind IndiGo's second-quarter loss. Domestic travel held up.
No size, price band or timetable has been published.
Frequently asked questions
Has SEBI approved the MakeMyTrip India IPO?
SEBI's daily status sheet shows final observations issued on MakeMyTrip (India) Limited's confidential draft papers on 6 November 2026. That is widely described as approval, but SEBI does not approve an IPO: observations let the company proceed, and they set no launch date. SEBI's weekly list of 9 November still showed the filing as under process when we checked.
Will MakeMyTrip India raise new money in the IPO?
Not on the plan disclosed so far. MakeMyTrip Limited told the US SEC in July 2026 that the offer is expected to involve a sale of existing MMT India shares by the parent and its subsidiary ibibo Group Holdings (Singapore). The net proceeds go to those two sellers.
Will MakeMyTrip leave Nasdaq after the India listing?
No delisting has been announced. The parent's July 2026 filing says MMT India will remain a subsidiary and stay in MakeMyTrip Limited's consolidated accounts after the offer.
How big is the MakeMyTrip India IPO and when will it open?
Neither is known. Indian media reports put the sale at more than $1 billion, but MakeMyTrip and SEBI have not published an issue size, a price band, a valuation or a timetable.
Sources
- MakeMyTrip (SEC 6-K, 17 July 2026), proposed IPO of MMT India
- MakeMyTrip (SEC 6-K), second-quarter results
- SEBI, daily status of offer documents where final observation is issued, returned or withdrawn (viewed 13 November 2026)
- SEBI, weekly processing status of draft offer documents, 9 November 2026
- BusinessLine (PTI), MakeMyTrip's India arm gets SEBI nod to float IPO
- Inc42, SEBI clears MakeMyTrip's India IPO
