MakeMyTrip is exploring a potential listing in India and has engaged Axis Capital, Morgan Stanley and JPMorgan as advisers, according to reports. The Gurugram-based firm, listed on Nasdaq, is yet to confirm the move. A domestic listing could align it with India’s booming travel market and widen access for local investors.
MakeMyTrip, the online travel platform that has traded on the Nasdaq for over a decade, is exploring a listing on Indian trading shores. The Gurugram-headquartered company has engaged Axis Capital, Morgan Stanley, and JPMorgan as advisers for the proposed offering, the people said.
Bloomberg cites anonymous sources to report on this matter and adds that MakeMyTrip plans to bring additional banks onto the mandate. It is important to note that MakeMyTrip has not publicly confirmed the discussions, and no details on deal size, structure, valuation, or timing have been disclosed.
Why it makes sense now
A domestic listing would bring MakeMyTrip's equity home to the market it overwhelmingly serves. India is now the world's fastest-growing major aviation market, with domestic air passenger volumes repeatedly setting monthly records. Hotel bookings, holiday packages, and bus and rail ticketing have followed the same upward curve as a rising middle class allocates more of its disposable income to travel.
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