As the tours and travel sector is gaining pace in India, MakeMyTrip (MMT), a well-known name (60% market share) in the online travel industry, has officially announced that it is evaluating an IPO. MMT is planning to list in India after 16 years from its debut on the Nasdaq in 2010.
MakeMyTrip IPO: Restructuring
MakeMyTrip confirmed that it has completed internal restructuring. The redBus India merger into MakeMyTrip (India) is the key component of this exercise.
According to the report, this consolidation aims to create a unified Indian entity, providing a direct avenue for domestic institutional and retail investors to participate in the MMT growth story.
MakeMyTrip IPO: Market Context
The decision to list IPO in India follows a period of significant travel-tech activity. While MMT opted for a US listing in 2010 due to better market maturity for tech stocks at the time, the Indian landscape has since undergone a radical transformation.
In the last 8 years, five travel-related IPOs have been listed in India with varying degrees of success. Analyzing this data reveals a clear preference among Indian investors for scale and specialized platforms:
As seen in the table, companies like Ixigo and TBO Tek have validated that Indian investors are willing to pay a premium for tech-enabled travel platforms, clearing the path for MMT’s entry. You can also see that stocks from the tourism and travel sector ultimately perform well.
MakeMyTrip IPO: Structural Shift in Business
MakeMyTrip is not the same company as it was in 2010. It has expanded its ecosystem:
- Regional Dominance: The acquisition of a majority stake in Flamingo Transworld strengthens its presence in the high-margin group holiday package segment across Western and Central India.
- Vertical Integration: A strategic investment in Atlys has allowed MMT to integrate visa processing directly into its workflow, targeting the lucrative outbound travel market.
- AI Integration: The company has highlighted a shift toward using Artificial Intelligence to enhance end-to-end trip planning, moving from a mere “booking engine” to a “travel companion.”
MakeMyTrip IPO: Financials
Despite the optimism, the financial road ahead is full of hurdles. In Q3 FY26, MMT reported an 11% YoY increase in operating revenue to USD 295.7 million (~INR 2,730 crore). However, net profit saw a sharp 73% decline to USD 7.3 million (~INR 67 crore), primarily attributed to rising finance costs. We believe that for a successful IPO in India, MMT will need to demonstrate a clear path to stabilising these margins.
Conclusion
MakeMyTrip market cap hovering around USD 5 billion (~INR 46,000 crore) and a significantly reduced stake from China’s Trip.com Group (now below 20%), MakeMyTrip is positioning itself as a Indian-led global giant An India listing would not only boost its brand visibility among its 87 million lifetime retail customers but also provide the funds to maintain its leadership in a market characterized by a growing middle class and rising digital adoption.
Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.
