MakeMyTrip Limited, the parent company of MakeMyTrip (India) Private Limited which operates MakeMyTrip.com (India’s largest online travel company), has filed a registration statement with the US SEC for a $100 million public offering of shares in the US Primary markets.
The company is yet to decide on the offer price and the number of shares that will issued through it’s IPO. The shares once issued are to be traded on the Nasdaq Global Market under the symbol `MMYT'”, a company press release stated.
Founded in 2000 amidst the dot.com boom , MakeMyTrip.com had revenues of Rs 240 crore in 2009 with net losses of Rs 45.6 crore. According to the SEC filing by MakeMyTrip.com, it had $83.56 million in revenues and $6.2 million in losses for the year 2010. The company operates out of Gurgaon, Haryana.
Use of IPO Proceeds – MakeMyTrip intends to use the net proceeds received from this offering to expand it’s operations by acquiring or investing in strategic businesses or assets that complement its service and product offerings. It also plans to invest in enhancements to technology, as well as for working capital and other general corporate purposes.
Shareholders of Makemytrip.com
SAIF Partners – 51.32%
Deep Kalra, Co-founder – 14.45%
Tiger Global Private Investment Partners – 12.14%
Helion Ventures – 11.97%
Sierra Ventures – 7.98%