MakeMyTrip India Files DRHP for India IPO Through Confidential Route: What Investors Need to Know

Sixteen years after listing on the Nasdaq, MakeMyTrip is coming home. On July 17, 2026, MakeMyTrip's wholly owned Indian subsidiary, MMT India, filed a Draft Red Herring Prospectus (DRHP) with SEBI, and it did so on a confidential basis. If you've been searching for updates on the MakeMyTrip IPO or wondering how to apply for the MakeMyTrip Initial Public Offering, here's what's actually known so far, and what's still under wraps.

MakeMyTrip (India) Limited, the Indian subsidiary of the listed travel giant on Nasdaq, filed its DRHP with SEBI, BSE, and NSE on 17 July 2026. The firm took the route of confidentiality filing with SEBI, which is a means by which major issuers can keep certain aspects of the issue such as size of issue, valuation, and price band confidential for a very long time.

MakeMyTrip has confirmed the filing but hasn't disclosed the size of the offering publicly. That's expected, confidentiality is the whole point of this route.

Unlike a regular DRHP, which becomes public the moment it's filed, a confidential filing stays private. The company gets to work through SEBI's review process, tweak terms, and gauge investor appetite without every number being dissected in real time by analysts and competitors. Details are made public only closer to the actual listing, once the company is fairly confident about moving ahead.

This approach is common among large multinational-linked issuers, and it signals that MakeMyTrip is treating this listing seriously, not as a trial balloon.

Just like NSE's IPO, this one is structured as an Offer for Sale (OFS). That means MakeMyTrip Ltd (the Nasdaq parent) and its subsidiary ibibo Group Holdings (Singapore) will be selling part of their stake in MMT India. No new shares are being created, so the money raised goes to these selling shareholders, not into the Indian subsidiary's own operations.

According to sources, the hike could be as high as $1 billion, which would amount to ₹8,600 crore. However, this figure may change once the details are made known. Kotak Mahindra Capital, Axis Capital, JPMorgan India, and Morgan Stanley India have apparently been designated as book-running lead managers for the deal.

MakeMyTrip just closed its strongest year yet in India, crossing $10 billion in annual gross bookings for FY26, with revenue hitting $1 billion. Bus ticketing, hotels, and air ticketing all posted double-digit margin growth.

Meanwhile, its Nasdaq valuation has taken a hit, falling from $12.6 billion in May 2025 to $3.88 billion by April 2026, partly due to price-parity allegations from short-seller Morpheus Research.

A domestic listing lets MakeMyTrip tap Indian investors who know the brand firsthand, and the company says it will also help boost visibility and talent retention in India.

It's too early to give a definitive answer because the price band, issue size, and detailed financial disclosures remain confidential. Investors planning to MakeMyTrip IPO Apply should wait for the Red Herring Prospectus (RHP) and official price band before making a decision. As one of the most anticipated Upcoming IPO offerings, valuation will be the key factor rather than brand popularity alone.

Here's what investors should evaluate before they IPO Apply:

• MakeMyTrip India runs a genuinely large, profitable business with strong brand recall, that's a real positive.

• This is an OFS, so none of the IPO proceeds go into growing the business itself.

• The parent company's Nasdaq stock has faced real pressure recently over regulatory and price-parity concerns, worth understanding before investing.

• Wait for the actual RHP and price band once SEBI clears the confidential filing, that's when a proper valuation comparison becomes possible.

If you plan to participate, Open Demat Account in advance so you're ready to apply as soon as the IPO subscription opens.

MakeMyTrip's Indian subsidiary, MMT India, has filed a confidential DRHP with SEBI to list on BSE and NSE, sixteen years after its parent listed on Nasdaq.

It's an Offer for Sale. MakeMyTrip Ltd and ibibo Group Holdings Singapore are selling part of their existing stake, no new shares are being issued.

Reports suggest it could raise up to $1 billion, roughly ₹8,600 crore, though the exact size hasn't been officially disclosed.

This route lets the firm to keep its sensitive details like valuation and price band private during SEBI's review, giving it more flexibility before going fully public with the numbers.

MakeMyTrip IPO Apply date is not yet disclosed. Details like price band and subscription dates will be announced only after SEBI completes its confidential review.