MakeMyTrip Eyes India Listing After Major Restructuring

Introduction

Online travel platform MakeMyTrip announced on March 16 that it is actively evaluating a potential listing of its Indian operations on domestic stock exchanges. This strategic consideration follows a significant internal restructuring, which saw the merger of its bus ticketing service, RedBus India, into its primary Indian entity, MakeMyTrip (India) Private Limited. The move signals the company's intent to deepen its roots in its core market and unlock new avenues for growth.

A Simplified Corporate Structure

The foundation for this potential public offering was laid in December 2025, when the National Company Law Tribunal (NCLT) in Chandigarh approved the merger of RedBus India into MakeMyTrip India. This legal consolidation streamlines the company's operations, bringing its key brands—MakeMyTrip, Goibibo, and RedBus—under a single corporate umbrella in India. The primary objectives cited for this amalgamation were to create commercial synergies, optimize costs, and simplify the process of raising funds for business expansion through debt or equity.

Strategic Rationale for a Domestic Listing

In its filing, MakeMyTrip outlined several compelling reasons for considering an Indian IPO. A domestic listing would provide direct access to a vast pool of capital from Indian institutional and retail investors, diversifying its funding sources. Furthermore, having India-listed equity would offer a flexible currency for future growth initiatives, including potential acquisitions. Management also believes that a listing in India could significantly enhance the MakeMyTrip brand's visibility and strengthen its leadership position in a market where it has pioneered online travel.

Paving the Way: The Trip.com Share Buyback

A recent transaction underscores the company's strategic preparations. MakeMyTrip entered into an agreement to repurchase a substantial portion of Class B shares held by Trip.com Group. This move is expected to reduce Trip.com's ownership stake from over 45% to below 20%. The approximately $1 billion repurchase will be funded through a combination of new equity, convertible debt, and cash reserves. Analysts at Citi view this transaction as a crucial "step forward on a potential India IPO," as it reorganizes the company's ownership structure without diluting equity for other shareholders.

A Look at Financial Health

MakeMyTrip's consideration of an IPO comes from a position of financial strength. The company, currently valued at over $11 billion, maintains a robust balance sheet with more cash than debt. Its financial performance for the fiscal year 2025 was strong, with total revenue climbing 25% year-over-year to $178.3 million and an adjusted net profit of $178.2 million. The fourth quarter continued this trend, with gross bookings rising 25.2% to $1.55 billion.

The Journey of Consolidation

MakeMyTrip's current market dominance is the result of a landmark consolidation event in 2016 when it merged with the Ibibo Group in an all-stock transaction. This deal brought together India's largest travel portals, including MakeMyTrip, Goibibo, and RedBus, creating an entity that controlled a significant share of the online flight, hotel, and bus booking markets. At the time, the combined entity was estimated to be valued at around $1.8 to $1 billion. This merger effectively reshaped the competitive landscape, leaving little room for a close second.

Market Dominance and Growth Drivers

The strategic decision to operate MakeMyTrip, Goibibo, and RedBus as distinct brands has allowed the group to cater to different customer segments and maintain leadership across various travel verticals. RedBus, for instance, commands a dominant share of the online bus ticketing market. Group CEO Deep Kalra has previously noted that the potential for growth remains immense, as online penetration in the accommodation and organized bus industries in India is still relatively low. The focus continues to be on converting offline bookers to online platforms.

What Lies Ahead

While the prospect of an Indian listing is a significant development, MakeMyTrip has clarified that any final decision is subject to favorable market conditions, regulatory approvals, and other corporate considerations. The successful consolidation of its brands, a simplified operational structure, and a strong financial footing have positioned the company well for its next phase of evolution. An IPO in India would not only provide capital but also cement its status as a homegrown leader in the country's burgeoning digital economy.