S&R Associates has advised MakeMyTrip Limited, one of India’s largest online travel service providers listed on the Nasdaq Global Market, on its recent USD 3.1 billion capital markets transaction. The concurrent offerings included a USD 1.65 billion public offering of ordinary shares and a USD 1.43 billion private placement of 0.00% convertible senior notes due 2030.
This transaction marks one of the largest concurrent equity and debt offerings by an Indian-headquartered tech company on the global markets this year, further cementing MakeMyTrip’s capital strength as it continues to expand its digital travel and booking platform across India and other key markets.
Background: MakeMyTrip’s Global Capital Strategy
Founded in 2000 and listed on Nasdaq since 2010, MakeMyTrip is a household name in India’s travel sector, operating across flights, hotels, holiday packages, and bus and rail bookings. The company has successfully leveraged global capital markets to fuel its aggressive digital expansion, marketing scale, and strategic acquisitions.
This USD 3.1 billion raise combines both equity and debt, giving the company a balanced capital infusion while managing cost of capital through 0.00% convertible notes, which offer investors equity upside with no coupon payments until maturity in 2030.
S&R Associates’ Role
S&R Associates acted as Indian legal counsel to MakeMyTrip Limited for both tranches of the offerings. The firm’s role covered Indian regulatory aspects, corporate due diligence, local law advice on disclosure requirements, and coordination with international counsel and investment banks.
The S&R team advising MakeMyTrip included:
Sandip Bhagat, Partner
Venkatesh Vijayaraghavan, Partner
Pratichi Mishra, Partner
Ishan Seth, Associate
Shiv Kumar Sharma, Associate
Akanksha Agrahari, Associate
Key Deal Details
| Feature | Details |
|---|---|
| Issuer | MakeMyTrip Limited |
| Listed On | Nasdaq Global Market |
| Total Deal Size | USD 3.1 billion |
| Public Offering | USD 1.65 billion of ordinary shares |
| Private Placement | USD 1.43 billion of 0.00% convertible senior notes due 2030 |
| Indian Legal Counsel | S&R Associates |
| Key Partners | Sandip Bhagat, Venkatesh Vijayaraghavan, Pratichi Mishra |
| Other Team Members | Ishan Seth, Shiv Kumar Sharma, Akanksha Agrahari |
| SEC Reference | SEC Filing |
Long-Standing Client Relationship
This mandate continues S&R Associates’ 15-year advisory relationship with MakeMyTrip, which began with the company’s initial public offering (IPO) on Nasdaq in 2010. Over the years, S&R has advised the company on multiple follow-on offerings, convertible note issues, and corporate matters related to its India operations and international fundraising.
Deal Impact & Market Analysis
Significant Scale
At USD 3.1 billion, the concurrent offering is among the largest ever by an Indian digital-first consumer business on an overseas exchange. It underlines the strong appetite from global institutional investors for India’s high-growth travel sector.
Zero Coupon Notes Strategy
The issuance of 0.00% convertible senior notes provides MakeMyTrip with access to long-term, low-cost capital while giving investors potential upside through conversion into equity by 2030.
Confidence in Travel Recovery
This fundraising reflects growing investor confidence in the Indian travel and tourism rebound, with domestic and outbound travel bookings rebounding strongly post-pandemic.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
