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Investing

Indian IPO Filing: MakeMyTrip (MMYT)

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By Jon C. Ogg Updated Published
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There has been an IPO filing from online travel portal MakeMyTrip Limited  This is an Indian online travel company and it filed to raise up to $100 million in its initial public offering.  The proposed ticker is to trades as “MMYT” on the NASDAQ National Market.  Morgan Stanley is the lead underwriter, and Oppenheimer and Pacific Crest were both listed on the F-1 filing as underwriters.

This is an Asian-VC backed portal that began operations in 2000 and it claims to be the largest online travel company in India based on 2009 gross bookings, according to PhoCusWright.

The filing also notes that shares being sold will be by the company and by selling holders.  The company plans to use its proceeds for general corporate purposes and to expand its operations by acquiring or investing in strategic businesses.

The March 31, 2010 data shows roughly $83.5 million in revenues with a $6.2 million loss for the trailing twelve months.  As a reminder, that $100 million noted is for filing purposes only and may be significantly different by the time the IPO makes it to market.

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JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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