Backed by SOFTBANK Asia and Tiger Global, MakeMyTrip launched a US website in 2000 focused on US-to-India airline tickets. In 2005, it launched its Indian website and has rapidly grown into the dominant player in the country's online travel market. The company targets leisure travelers in the fast-growing Indian middle class, offering domestic and international airline tickets, reservations and travel packages for over 4,000 hotels, and other services such as rail and bus ticketing. With a leading brand and a scalable model, MakeMyTrip is poised to take advantage of rapid secular growth in India's online travel industry, fueled by rising discretionary income and Internet penetration. MakeMyTrip is offering 6.2 million shares at a range of $12 to $14 and plans to list on the NASDAQ under the symbol MMYT. Morgan Stanley is the lead book runner on the deal, which is slated to price on Wednesday as one of six deals on the IPO calendar for the week of August 9.
Read our full IPO Commentary on MakeMyTrip.
