- MakeMyTrip Ltd (MMYT, Financial) successfully closes its underwritten public offering of 16 million ordinary shares at $90 per share.
- The underwriters fully exercised their option to purchase an additional 2.4 million shares, contributing to the equity offering.
- MakeMyTrip's convertible senior notes offering brings in $1.25 billion, with an extra $187.5 million from exercised options.
MakeMyTrip Ltd (MMYT) has announced the successful closure of its underwritten registered public offering of 16 million ordinary shares priced at $90 each. The underwriters also fully exercised their option to purchase an additional 2.4 million shares, enhancing the equity offering's reach. Through this equity offering, the company secured net proceeds of approximately $1.62 billion.
In tandem with the equity offering, MakeMyTrip closed a private offering of 0.00% convertible senior notes worth $1.25 billion, due in 2030. The initial purchasers also exercised their option to buy an additional $187.5 million in aggregate principal amount of these notes. The proceeds are earmarked primarily for repurchasing a portion of the Class B ordinary shares from Trip.com Group Limited.
This strategic financial maneuver is part of MakeMyTrip's broader initiative to optimize its capital structure and enhance shareholder value. The offerings were managed by Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC, serving as joint book-running managers.
The prospective investors can view detailed documentation and registration statements filed with the U.S. Securities and Exchange Commission (SEC) for further insights into the terms of the equity offering. MakeMyTrip continues to position itself as a formidable entity in the travel services sector, leveraging its extensive online platforms to provide comprehensive travel solutions across India and globally.
