Press Trust of India reported that the Securities and Exchange Board of India (Sebi) issued final observations on MakeMyTrip (India) Limited’s proposed IPO on Nov. 6, but Sebi’s list showed the filing under process.
The regulator’s processing list, dated Nov. 6, labels the unit’s filing “draft offer document under process.” It records July 24 as the receipt date and Oct. 29 as the date of the latest communication. The list gives no update time, leaving the sequence of the reported decision and the listed status unresolved.
Parent company MakeMyTrip Limited announced July 17 that the subsidiary had submitted confidential draft papers for a proposed listing on BSE Limited and the National Stock Exchange of India Limited. Under the plan, MakeMyTrip and ibibo Group Holdings (Singapore) Pte. Ltd. would sell shares of the Indian unit.
MakeMyTrip expects the sellers’ net proceeds to add to its cash for acquisitions, long-term growth and repurchases of securities, including convertible securities. It also expects the Indian unit to remain a subsidiary whose results are included in the group’s consolidated accounts after the offering. The company cited greater visibility and incentives for technology recruitment among its reasons for seeking the listing.
MakeMyTrip’s annual report places its MakeMyTrip, Goibibo and redBus India businesses within the subsidiary. The parent’s shares trade on Nasdaq under MMYT. Its July filing gave no share count, offer size, price band or launch date.
