MakeMyTrip valuation doubles after the US debut

MakeMyTrip that raised USD 70 million through its maiden initial public offering of 5 million shares in the US market ended its first day of trade at USD 26.45 per share.

At yesterday’s closing price,the Gurgaon-based company is valued worth USD 902.84 million in contrast to its valuation of USD 477.87 million just a day earlier.

Analysts said the ‘stellar debut’ of MakeMyTrip was an encouraging event for many Indian firms,planning a listing in the US.

“The huge response to MakeMyTrip shares shows investor confidence towards smaller issues also”,said a Delhi-based analyst.

The company plans to utilise the proceeds from the sale of shares to expand its operations in strategic businesses as well as for working capital and other corporate purposes.

The company’s services and products,include booking air tickets,customised holiday packages,hotels,rail and bus tickets,car hire and facilitating access to travel insurance.