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MakeMyTrip starts India IPO process with SEBI confidential DRHP
The proposed listing would be handled through SEBI’s confidential pre-filing route and is expected to be structured mainly as an Offer for Sale by existing shareholders.
MakeMyTrip has taken the first step toward an India listing after its wholly owned subsidiary, MakeMyTrip (India) Limited, confidentially filed a Draft Red Herring Prospectus with India’s market regulator SEBI, the company said in a regulatory filing submitted to the US Securities and Exchange Commission on July 17, according to LiveMint Markets.
The DRHP filing also went to the BSE and the National Stock Exchange for the proposed initial public offering of the Indian unit, though the company did not disclose the size of the proposed issue.
Because the process is being done through SEBI’s confidential pre-filing route, key details such as the issue size, valuation and price band are expected to remain undisclosed until later in the listing timeline.
Reports cited by LiveMint Markets suggest the offering will primarily be structured as an Offer for Sale, meaning existing shareholders would sell shares and proceeds would go to the selling shareholders rather than the company, and Kotak Mahindra Capital, Axis Capital, JPMorgan India and Morgan Stanley India have been named as book-running lead managers for the issue.