Nasdaq-listed travel aggregator MakeMyTrip said on Friday that its Indian subsidiary has confidentially filed for an initial public offering with the Securities and Exchange Board of India.
MakeMyTrip also owns the travel-booking platform Goibibo and the bus-ticketing service redBus.
A confidential filing allows companies to submit draft papers to the regulator for review without making them public to protect sensitive information, such as financials and business strategies.
MakeMyTrip has been listed on Nasdaq since 2010. The company and its subsidiary, ibibo Group Holdings, will sell shares in the proposed IPO, according to its filing to the US SEC.
MakeMyTrip said it will use the proceeds from the stake sale in the Indian subsidiary to strengthen its cash position for long-term growth and strategic inorganic initiatives
Reuters
