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MakeMyTrip Ltd. (NASDAQ: MMYT) just became the best IPO of 2010 today.  Whether that status holds is something not yet known, but the IPO priced at the higher-end of its range and is giving instant returns to those who got shares at the IPO price.

This company is an online travel agency based in India.  It sold 5 million shares at $14.00 per share versus a $12.00 to $14.00 expected price range.  That comes to $70 million raised, or $80.5 million raised in gross proceeds if you consider the shares that will have been sold in the overallotment option.  The original IPO filing was for up to $100 million in shares to be sold.

Morgan Stanley was the lead underwriter, and Oppenheimer and Pacific Crest were both listed as underwriters.  It is very safe to assume that the underwriters exercised the 750,000 over-allotment option.

The company claims to be the largest online travel company in India based on 2009 gross bookings.  It did also manage to grow throughout the recession.  The March 31, 2010 data shows roughly $83.5 million in revenues with a $6.2 million loss for the trailing twelve months.

It seems as though the online travel business boom we have seen here is even greater in India.  Shares opened at $22.00, a 57% premium.  At 11:40 AM EST shares are just above $24.00, giving it a gain of more than 71% so far today.  The current trading volume is about 3.5 million shares, so this should likely pass the 5 million that sold and may even surpass that 5.75 million mark if you include the overallotment option.

This is coming on a down day in the market after a triple-digit DJIA loss yesterday.  One Indian online travel services company is not going to be enough to revive the IPO market.  Still, it’s a start.

JON C. OGG