Overview

• MakeMyTrip sold 18.4 million new ordinary shares at $90 each and issued five-year convertible senior notes at a 0% coupon with a 35% conversion premium to raise $3.1 billion.
• The funds were deployed to reduce Trip.com's stake from roughly 45% to 19.99% and cut its board seats from five to two directors.
• Morgan Stanley served as lead-left bookrunner and stabilisation agent for what it described as Asia-Pacific’s largest concurrent equity follow-on and convertible notes offering since 2022.
• Even after the transaction, Trip.com remains MakeMyTrip’s largest minority shareholder in the Gurugram-based online travel platform.
• MakeMyTrip reported FY25 revenue growth of 25% to $978 million and a net profit of $95.2 million, bolstering investor confidence