MakeMyTrip Ltd. announced on July 17, 2026, that its wholly owned subsidiary, MakeMyTrip (India) Limited, has confidentially filed a pre-filed draft red herring prospectus for a proposed initial public offering in India. The filing was made with the Securities and Exchange Board of India, BSE Limited and the National Stock Exchange of India Limited, and contemplates a listing of MMT India’s equity shares on the Main Board of the Indian stock exchanges. The proposed IPO is expected to be structured as a sale of existing equity shares in MMT India by MakeMyTrip and another wholly owned subsidiary, ibibo Group Holdings (Singapore) Pte. Ltd. The filing does not disclose the number of shares to be sold, the expected price range, valuation, offer size or timing of the IPO. MakeMyTrip said that, even after the offering is completed, MMT India is expected to remain its subsidiary and continue to be included in MakeMyTrip’s consolidated financial statements. The company said the listing is intended to enhance MMT India’s brand visibility and support its ability to recruit, incentivize and retain talent in a competitive technology hiring environment. MakeMyTrip also said the proceeds received by MakeMyTrip and ibibo Holdings from the sale of MMT India shares would strengthen the group’s cash position. The company expects to use those proceeds for long-term growth, strategic inorganic initiatives, and repurchases of different classes of securities, including convertible securities. MakeMyTrip also noted that, subject to regulatory approvals, it and MMT India may evaluate medium-term alternatives that could allow shareholders to benefit from a security at the MMT India level that is fungible and listed across both Indian and U.S. capital markets. The company emphasized that no public offering of securities is being made in the United States and that the securities referenced have not been, and will not be, registered under the U.S. Securities Act of 1933, except pursuant to any applicable exemption. The announcement represents a potentially significant corporate restructuring and capital-markets step for MakeMyTrip, which operates travel brands including MakeMyTrip, Goibibo and redBus. By pursuing a local Indian listing for its operating subsidiary while retaining control, MakeMyTrip is seeking to unlock strategic flexibility, raise cash through secondary share sales, and potentially create a more India-focused listed security for investors and employees.