MakeMyTrip To Soon File $1 Bn India IPO With Kotak, Axis, JP Morgan As Advisors

Nasdaq-listed MakeMyTrip is preparing to confidentially file draft papers for an initial public offering of its Indian arm worth more than $1 billion, according to a Moneycontrol report. The listing could take place within a week, the report said, citing a source.

The issue is likely to be structured as an offer for sale, though a final decision on the structure has not been made, the report added. Kotak Mahindra Capital, Axis Capital, JP Morgan and Morgan Stanley are advising on the proposed listing.

MakeMyTrip had confirmed its India listing plans on May 16 as part of a disclosure on its strategic priorities. The company said the move could give it access to domestic institutional and retail investors and allow it to use India-listed equity for future growth initiatives. It added that an India listing could strengthen its brand and market leadership.

If completed, the IPO would follow other large technology listings from India, including Paytm (₹18,300 crore, November 2021), Zomato (₹9,375 crore, July 2021) and Swiggy (₹11,327 crore, November 2024).

Strong FY26 Performance

Commenting on the company's financial results for the year ended March 31, 2026, co-founder and Group CEO Rajesh Magow had said MakeMyTrip crossed $10 billion in annual gross bookings. He said adjusted margins grew in double digits year-on-year in constant currency across major verticals, led by bus ticketing at over 29%, followed by hotels and packages at over 15%, and air ticketing at over 13%. He added that the "others" category grew 37% year-on-year.

The company's market capitalisation on Nasdaq stood at around $5.42 billion, based on its last close.

Price Parity Allegations

The IPO plans come after a March 30 report by US-based short-seller Morpheus Research alleged that MakeMyTrip has continued controlling hotel prices on its platform, a practice India's Competition Commission (CCI) had ruled illegal in 2022.

The CCI had fined MakeMyTrip ₹223 crore, about $26.1 million, in 2022 for anti-competitive and abusive practices related to price parity. The regulator found the company had barred hotels from offering cheaper rooms on other platforms or their own websites. MakeMyTrip appealed the fine, paid a 10% deposit, and said it had voluntarily addressed the issue.

Morpheus Research, after interviewing 103 industry insiders including former MakeMyTrip employees and hotel executives, alleged that the practice continued under a different name. A former MakeMyTrip manager told the firm that hotels are assessed on a "parity score" checked daily. An OYO executive said MakeMyTrip refers to it as a "price competitiveness score" rather than price parity for legal reasons, adding that hotels risk losing ranking and business if prices are not matched.

A representative from the Federation of Hotel and Restaurant Associations of India, which had filed the original complaint with the CCI, said the practice was "still there" and that MakeMyTrip "got away with it."

In August 2025, tech outlet Medianama reported finding price parity language in a hotel contract on MakeMyTrip subsidiary Goibibo's website. The page went offline two days after the report was published.