There has been an IPO filing from online travel portal MakeMyTrip Limited This is an Indian online travel company and it filed to raise up to $100 million in its initial public offering. The proposed ticker is to trades as “MMYT” on the NASDAQ National Market. Morgan Stanley is the lead underwriter, and Oppenheimer and Pacific Crest were both listed on the F-1 filing as underwriters.
This is an Asian-VC backed portal that began operations in 2000 and it claims to be the largest online travel company in India based on 2009 gross bookings, according to PhoCusWright.
The filing also notes that shares being sold will be by the company and by selling holders. The company plans to use its proceeds for general corporate purposes and to expand its operations by acquiring or investing in strategic businesses.
The March 31, 2010 data shows roughly $83.5 million in revenues with a $6.2 million loss for the trailing twelve months. As a reminder, that $100 million noted is for filing purposes only and may be significantly different by the time the IPO makes it to market.
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JON C. OGG
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