MakeMyTrip Raises $3.1 Billion to Cut Stake of Chinese Backer Trip Group he transaction, completed just days after the company's fundraising plans were announced, marks the largest capital raise by a new-age tech firm in Asia-Pacific since Paytm's $2.5 billion IPO in 2021
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MakeMyTrip has raised $3.1 billion through a combination of convertible notes and a primary share offering in a landmark deal aimed at reducing the stake held by its Chinese investor, Trip Group. The transaction, completed just days after the company's fundraising plans were announced, marks the largest capital raise by a new-age tech firm in Asia-Pacific since Paytm's $2.5 billion IPO in 2021.
The Gurugram-based travel platform sold 18.4 million new ordinary shares at $90 each, generating $1.66 billion from its primary follow-on equity offering, as per FE. The share price was slightly below the June 17 closing rate of $91.49. The remaining $1.4 billion came from a five-year convertible senior notes issue, offered at a 0 per cent coupon with a 35 per cent conversion premium, according to a LinkedIn post by Kamal Yadav, managing director of investment banking at Morgan Stanley.
"On June 17, 2025, after the close, MakeMyTrip priced $3.1 Bn concurrent registered primary equity follow-on and 144A convertible bond (Post-Shoe)," Yadav wrote. "Together [they] represent APAC's largest concurrent offering of equity follow-on and convertible notes since 2022."
Morgan Stanley led the offering as the primary bookrunner and stabilization agent. The capital raised is not intended for business expansion or operational investment but will be used entirely to repurchase shares from Trip Group. This move is part of a broader shift in MakeMyTrip's ownership structure.
MakeMyTrip's filings with the U.S. Securities and Exchange Commission (SEC) indicate that Trip Group's ownership in the company will now be reduced to between 16.9 per cent and 19.99 per cent, down from 45.95 per cent. Despite the significant dilution, Trip Group remains the largest minority shareholder.
The repurchase agreement between MakeMyTrip and Trip Group was signed on June 16, one day before the company officially confirmed the fundraising plans. Initially, the company planned to issue 14 million shares but later increased the offering to 18.4 million.
While the company has yet to issue an official announcement confirming the closure of the deal, it has filed the details with regulators.
