MakeMyTrip to raise up to $3 billion to buy back Trip.com's stake in company
Online travel agency MakeMyTrip has said that it plans to raise up to $3 billion to repurchase shares from one of its key stakeholders, China-based Trip.com, according to a filing with the New York's Nasdaq stock exchange.
The funds will be raised through a combination of equity and convertible senior notes, the company said.
'We are offering 14,000,000 ordinary shares, par value $0.0005 per share in this offering. Our ordinary shares are listed on the Nasdaq Global Market under the symbol 'MMYT.' We will receive all of the net proceeds from this offering,' the 16 June filing stated.
The issue of 14 million shares could also be increased to 16.1 million shares, the company added.
The shares were trading at $92-100 apiece over the past two trading days before publishing, which could bring in over $1.2-1.6 billion in proceeds. 'Concurrently with this offering, we are offering, US $1.25 billion aggregate principal amount of convertible senior notes, plus up to US $187.5 million aggregate principal amount of our convertible senior notes…'
MakeMyTrip did not respond to a request for comment.
The company will use all proceeds from the equity and notes offering to repurchase Class B shares from Trip.com, with the goal of reducing the Chinese company's voting power from 45.34% to 19.99%.
'On June 16, 2025, we entered into a share repurchase agreement with Trip.com pursuant to which Trip.com has agreed to sell, and we have agreed to purchase, a portion of the Class B Shares at a price per share equal to the Repurchase Price. Although we and Trip.com intend to reduce Trip.com's total voting power in our company to 19.99% following our purchase of Class B Shares from Trip.com pursuant to the terms of the share repurchase agreement, there is no assurance that Trip.com's voting power will be reduced in such manner,' the company said.
MakeMyTrip (MMT) is an online travel company that was founded in 2000 by Deep Kalra. It provides various travel-related services such as flight bookings, hotel reservations, holiday packages, and more, with the goal of simplifying travel planning for consumers.
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