The capital raise comprised of concurrent offerings made by MakeMyTrip Limited (MMYT) of:
- its US$ 1.25 billion in aggregate principal amount of 0.00% convertible senior notes due 2023 (the Notes), and the exercise in full by Morgan Stanley & Co. LLC and J.P.Morgan Securities LLC as initial purchasers of their option to purchase an additional of US$ 187.5 million in aggregate principal amount of the Notes.
- the underwritten registered public offering of 16,000,000 ordinary shares of MakeMyTrip, and the exercise in full by the underwriters of their option to purchase 2,400,000 additional ordinary shares, valued in aggregate at US$ 1.656 billion.
The transaction marks the largest equity and convertible notes offering by an internet company in India and one of the most significant fundraises in the Asia-Pacific region since 2022.
The proceeds were earmarked exclusively to repurchase Class B shares from Trip.com Group, thereby substantially reducing its stake and realigning MakeMyTrip’s ownership ad governance structure.
The Appleby team was led by Malcolm Moller, Global Managing Partner and Farzanah Nawool, Partner.
We are proud to have supported MakeMyTrip in this strategic transaction and to contribute to one of the most notable cross-border offerings in the region this year.
