MakeMyTrip Ltd., a Nasdaq-listed online travel platform, is reportedly exploring the possibility of a public listing in Mumbai, according to sources familiar with the situation. The company has engaged Axis Capital Ltd., Morgan Stanley, and JPMorgan Chase & Co. as financial advisers and plans to enlist additional banks to support the proposed share sale.
The company is aiming for a potential listing in the first quarter of 2027. Ongoing discussions suggest that details such as the size and valuation of the offering could change. Bank representatives have yet to respond to inquiries regarding the matter.
A spokesperson for MakeMyTrip indicated that the company is assessing a potential listing in India, which could offer an additional capital access avenue, particularly from domestic institutional and retail investors. This move would also allow the company to utilize Indian-listed equity for growth strategies.
India’s IPO market has seen a sluggish start to 2026 following two years of record fundraising, as equity markets face challenges from geopolitical tensions, slowing earnings growth, and uneven foreign investment inflows. Nevertheless, several firms are preparing for IPOs aimed at launching during more favorable market conditions.
Founded in 2010 with its listing on Nasdaq, MakeMyTrip operates several online travel brands, including MakeMyTrip, Goibibo, and redBus. Its shares have decreased approximately 55% over the past year, valuing the company at around $4.5 billion.
In a similar vein, Yatra Online Ltd., a competitor, has pursued a dual-listing strategy. It first listed on Nasdaq in 2016 through a reverse merger and later conducted an IPO in India in 2023, achieving an initial market valuation roughly double that on Nasdaq. Yatra is currently valued at about $183 million in India and $68 million on the Nasdaq.
More information and stories can be found on bloomberg.com.
Published on April 29, 2026.
