NextFin News - MakeMyTrip, the Nasdaq-listed travel giant that has dominated India’s digital booking landscape for two decades, has reportedly begun interviewing investment banks for a potential secondary listing in its home market. According to Bloomberg, the Gurugram-based company is exploring a domestic initial public offering (IPO) that would allow it to tap into the surging appetite of Indian retail and institutional investors, who have recently shown a high tolerance for high-growth tech valuations.
The move follows a strategic internal reorganization disclosed in March, where MakeMyTrip consolidated its core domestic operations—including the bus-booking platform redBus India—under a single entity, MakeMyTrip India. This restructuring was widely interpreted by analysts as a precursor to a local float. By listing in Mumbai, the company aims to diversify its capital base beyond its primary Nasdaq listing, where it has been traded since 2010. As of early trading on April 29, 2026, MakeMyTrip’s Nasdaq-listed shares (MMYT) were priced at $47.21, reflecting a market capitalization of approximately $3.4 billion.
Rajesh Magow, co-founder and group CEO of MakeMyTrip, has previously indicated that a local listing could significantly strengthen the company’s brand presence in India while providing an additional avenue for capital. The company’s financial performance has provided a solid foundation for such a move; in the fiscal third quarter of 2026, MakeMyTrip reported an 11% revenue increase to $296 million, with operating profits reaching $51 million. This profitability distinguishes it from many other Indian tech startups that have struggled to reach the black before approaching the public markets.
The timing of the potential offering coincides with a broader trend of "homecoming" for Indian tech firms. While companies like Zomato and Nykaa chose domestic listings from the start, older pioneers that sought the prestige and liquidity of New York are now looking back at India’s robust equity markets. The Indian middle class’s rising discretionary spend on travel, coupled with a post-pandemic surge in domestic tourism, has made the travel sector a favorite for local fund managers. However, a domestic listing is not without risks. Indian markets have historically been more sensitive to short-term earnings volatility than the Nasdaq, and the company will face intense scrutiny over its ability to maintain margins in a highly competitive market featuring aggressive players like EaseMyTrip and Oyo.
Market participants suggest that the offering could also serve as a liquidity event for long-term backers, though the company has not yet finalized the size or valuation of the potential India float. The dual-listing structure would require MakeMyTrip to navigate complex regulatory frameworks across two jurisdictions, a feat that remains relatively rare for Indian consumer internet companies. If successful, the move could set a precedent for other overseas-listed Indian firms seeking to capitalize on the premium valuations currently afforded to "India-pure" growth stories in the domestic market.
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