Indian OTA MMT files for $100m IPO

Jul 27, 2010

Gurgaon, Haryana-based MakeMyTrip Limited, the parent company of MakeMyTrip (India) Private Limited and MakeMyTrip.com, has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering.

Published: 27 Jul 2010

Gurgaon, Haryana-based MakeMyTrip Limited, the parent company of MakeMyTrip (India) Private Limited and MakeMyTrip.com, has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering.

The India business of MakeMyTrip was launched in September 2005.

According to a report filed by economictimes.com, the company told the U.S Securities and Exchange Commission in a preliminary prospectus that Morgan Stanley, Oppenheimer and Pacific Crest Securities were underwriting the IPO. The number of shares to be offered and the price range for the offering have not yet been determined.

The company has indicated that it is on track to achieve sales of INR 3800 crores (approximately US$760 million) in the financial year ending March 2011, making it India's largest travel company.

Last month, Deep Kalra, founder and CEO, MakeMyTrip.com, said that the company accounts for “a 48% market share amongst OTAs” in India.

MMT sells over 12000 flight tickets, 1000 hotel room nights and over 100 holiday packages every day. The site attracts over 4.5 Million unique visits every month.