MakeMyTrip eyes India IPO By Q1 2027, Ropes In Bankers: Report

Nasdaq-listed travel tech major MakeMyTrip is reportedly eyeing a public listing on the Indian bourses in the first quarter of 2027. As per a report by Bloomberg, the company has appointed Axis Capital, Morgan Stanley and JP Morgan as advisers for the proposed share sale and is also planning to add more banks to the syndicate.

Discussions around the proposed listing are still underway, and details such as the issue size, valuation, and final timeline are yet to be ascertained.

The proposed listing is said to be aimed at raising capital from domestic investors and using India-listed equity to support future growth initiatives. Inc42 has reached out to the company to get more details on its proposed listing on the Indian bourses.

The Delhi NCR-based company had announced its plans to list in India to improve access to capital from domestic institutional and retail investors. A local listing could also strengthen its presence in its core Indian market and help consolidate its leadership position, it had said back then.

Ahead of the proposed IPO, MakeMyTrip completed an internal restructuring by bringing its key brands under a single Indian entity. As part of the exercise, RedBus India was merged with MakeMyTrip (India) Pvt Ltd.

The company had said that its India listing plans would depend on regulatory approvals, customary corporate considerations, and favourable market conditions.

MakeMyTrip had listed on the Nasdaq in 2010 due to better market maturity and stronger access to institutional capital for a technology-focused business.

Founded in 2000, the company has processed more than 8.7 Cr transactions for retail consumers and serves over 77,000 SME and large enterprise customers. Its market capitalisation currently stands at over $5 Bn.

On the financial front, MakeMyTrip reported a 73% decline in net profit to $7.3 Mn in Q3 FY26 from $27.1 Mn in the corresponding quarter last year, mainly due to higher finance costs. Operating revenue, however, rose 11% YoY and 29% sequentially to $295.7 Mn during the quarter.

Over the years, the company has expanded through acquisitions such as Goibibo and RedBus, strengthening its position across air ticketing, hotels, and intercity bus bookings. More recently, it acquired a minority stake in visa processing platform Atlys and holiday packages company Flamingo Transworld.

If it proceeds with the domestic listing, MakeMyTrip would become the second Indian traveltech company to list in India after a US debut. Yatra entered Indian public markets in 2023, seven years after listing in the US. It raised ₹602 Cr through its IPO and reported revenue of ₹256.8 Cr with a net profit of ₹8.3 Cr in Q3 FY26.

The development comes at a time when India’s IPO market has seen a subdued start to 2026 after two consecutive years of record fundraising, amid geopolitical tensions, slower earnings growth, and uneven foreign investor inflows. However, several companies continue to prepare for listings in anticipation of improving market conditions.

For instance, lending tech company Kissht’s IPO will be open for public subscription tomorrow. Besides, used car marketplace Spinny is reportedly targeting a public listing in the first quarter of 2027. Similarly, insurtech unicorn Acko has appointed ICICI Securities, Morgan Stanley, and Kotak Securities as bankers for its upcoming IPO, as reported earlier by Inc42.

The post MakeMyTrip eyes India IPO By Q1 2027, Ropes In Bankers: Report appeared first on Inc42 Media.