New Delhi, November 9: MakeMyTrip's India subsidiary has received the Securities and Exchange Board of India's (SEBI) approval to launch an initial public offering, according to an update available on the markets regulator's website on Monday, PTI reported.

MakeMyTrip (India) Ltd (MMT India) had filed its draft papers with SEBI in July through the confidential route. After examining the draft documents, the regulator issued its final observations on November 6. SEBI's observations are an important step in the IPO process, allowing the company to proceed with preparations for its public issue, subject to applicable regulatory requirements.

Source: PTI via The Hindu BusinessLine

The proposed IPO is expected to comprise a sale of equity shares in MMT India by its parent MakeMyTrip and its wholly-owned subsidiary ibibo Group Holdings (Singapore) Pte Ltd, the Gurugram-headquartered company said in a regulatory filing with Nasdaq.

India arm stays a subsidiary after listing

Following the completion of the proposed IPO, MMT India will continue to remain a subsidiary of MakeMyTrip, with its financial results continuing to be consolidated with those of the parent company, the company had said. The parent, MakeMyTrip, is listed on the Nasdaq stock exchange in the United States.

The company has not yet shared the size of the issue or a price band. Those details, along with the launch timeline, are expected when the company files its updated offer documents.

Source: YourStory (PTI)