Makemytrip makes a debut in NASDQQ and what a dream run for MMT in the 1st day of listing. To be sure, the deal was modest – the company sold just $70 million worth of stock, selling 5 million shares at $14 apiece.
Upon listing India’s biggest online travel company surged as much as $10.35 to $24.35 thus making a MakeMyTrip’s stock price jumped 89 percent in the first day of trading. That’s the biggest first-day jump for any U.S. stock since 2007. So seems to be good time ahead for India Companies and MMT certainly leading the way and giving cue to other indian tech companies. Good times ahead for MMT and it reflects in their home page, a snapshot attached below
What is the best way for VC to exit a portfolio company? Undoubtedly it is listing in a Stock Exchange. Indeed good times for investors like SAIF, Helion Venture capital, Seirra Ventures who invested in MMT, returns are staggering.
But someone out is here to spoil their party and i must say what a time to act. The promoters of Cox & Kings, one of the oldest travel companies in the world, have filed a criminal case against Makemytrip. According to Cox & Kings which owns Ezeego1, between 2007 and 2008 the Makemytrip management created the similar looking URLs to deceive customers and eventually lead them to their own site.
Isn’t it an interesting twist in this IPO.