MakeMyTrip has raised $3.1 billion through equity and bond offerings, marking the Asia-Pacific regions largest concurrent offering of equity follow-on and convertible notes since 2022, Kamal Yadav, head of investment banking at Morgan Stanley, said in a LinkedIn post on Friday.
'On June 17, 2025, after the close, MakeMyTrip priced a $3.1 billion concurrent registered primary equity follow-on and 144A convertible bond (post-shoe). The primary equity follow-on offering of 18,400,000 ordinary equity shares was priced at $90 per share,' Yadav note.
'The five-year convertible senior notes offering, at 0 per cent coupon and 35.0 per cent conversion premium, together represent APACs largest concurrent offering of equity follow-on and convertible notes since 2022,' Yadav wrote.
The last major fundraise by an Indian Internet company was Paytms $2.5 billion initial public offering in 2021.
Morgan Stanley acted as lead-left bookrunner and stabilisation agent for the offerings. The US-based bank has been advising the travel firm on multiple financings and strategic engagements over the years.
Proceeds from the fundraise will be used to buy back stake held by Trip.com Group Ltd, reducing the Chinese companys holding to under 20 per cent from the current 45.34 per cent.
Trip.com will continue to remain the largest minority shareholder in the company. The move comes amid allegations by EaseMyTrip.coms founder Nishant Pitti that five out of 10 directors on the companys board had ties with China -- claims that the Nasdaq-listed company dismissed as 'malicious and motivated'.
MakeMyTrip did not respond to queries from Business Standard as of Friday evening. The company is yet to issue an official statement on the closure of the deal.
MakeMyTrip had initially planned to offer 14 million new shares to raise $1.4 billion and zero-coupon convertible bonds worth $1.25 billion. It later increased the new share offering to 18.4 million shares, priced at $90 -- slightly lower than the $91.49 closing price on June 17.
-- Business Standard
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances
