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Last updated: May 1, 2016 at 17:45 pm

MakeMyTrip IPO the best in US in 13 years

The MakeMyTrip (MMYT) stock surged 89% on its listing last Thursday, and has been the best IPO to list in the US since Athena health Inc’s IPO in 1997 which surged 97% on listing.

MakeMyTrip raised $70 million by selling 5 million shares at $14 each, and has become just the 4th Indian company to complete its IPO in the US since 1999.

This is particularly interesting given the fact that the company is yet to make any profits. It registered a loss of $6.2 million in fiscal 2010, down from a loss of $7.3 million in fiscal 2009, and so far this is its best showing.


If you exclude employee share based compensation it would have turned a small net profit of $0.6 million in 2010. They recorded a revenue of $33.7 million in the quarter ended June 30 2010, and this an increase of 49% on revenues over the same period last year.

So the trend is definitely upwards and the company seems to be getting in the black.

The company made revenues of $83.6 million in 2010, and the two major sources of revenues for it are Air Ticketing, and Hotels and Packages, with Advertising contributing a tiny bit as well. Here is the respective share from these sources for 2010 (revenue figures in millions of USD).

Makemytrip revenue

This IPO bodes well for other Indian companies that plan to list in the US, as there haven’t been many Indian companies that have tried a US listing, while 14 Chinese companies have listed in the US this year alone.

An interesting thing about this IPO is that the company hasn’t listed in India yet, and this is a bit strange as it is primarily focused on India, especially in a scenario where global companies like Standard Chartered have come up with their India Depository Receipts (IDRs) issues recently.

The company must have its reasons to do so, and whatever those may be, kudos to MakeMyTrip to come up with a successful launch, and raise money, and show the way to other Indian companies as well.

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  • deep karla the founder will only be left with 9.43% stake in the company……that's unbelievable.

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