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MakeMyTrip’s USD3 billion concurrent convertible notes and equity offerings

MakeMyTrip’s USD3 billion concurrent convertible notes and equity offerings
Published Date
Jul 2 2025

A&O Shearman has advised Morgan Stanley and J.P. Morgan, as initial purchasers and underwriters, in connection with MakeMyTrip Limited’s (“MakeMyTrip”) concurrent Rule 144A offering of USD1.4375 billion aggregate principal amount of 0.00% convertible senior notes due 2030 (the “Notes”) and U.S. SEC-registered primary follow-on offering of 18.4 million ordinary shares (the “Shares”).

The net proceeds of the concurrent transactions are approximately USD3bn. MakeMyTrip intends to use the net proceeds to repurchase a portion of its Class B ordinary shares held by a principal shareholder.

MakeMyTrip is a leading online travel company that operates well-known brands including MakeMyTrip, Goibibo, and redBus. Its platform enables travelers to research, plan, and book a wide range of travel services across India and internationally.

The Notes offering comprised an initial issuance of USD1.25bn aggregate principal amount of the Notes, and the initial purchasers exercised their option in full to purchase an additional USD187.5 million aggregate principal amount of the Notes.

The Shares offering was upsized from 14 million to 16 million Shares at pricing, and the underwriters exercised their option in full to purchase an additional 2.4 million Shares.

The cross-border A&O Shearman team was led by capital markets partner Kyungwon (Won) Lee. The deal team included partner Michael Kim, of counsel Hae-Ran Song, senior associates Rami Marginean and Alice Tang, and senior legal assistant Derek Perriam. Larry Crouch and Austin Jones advised on tax matters. Jennifer Morton and Taylor Pugliese advised on FINRA matters.

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