Travel portal MakeMyTrip, which is headed for a Nasdaq listing shortly, has set the price band for its initial public offering (IPO) at $12-14 per share (Source: SEC Filing). It expects to raise $44.3 million, which will be used to expand operations by acquiring or investing in strategic businesses or assets as well as for working capital purposes. The Mauritius-registered startup reported losses at $6.2 million as on March 31, 2010, on revenues of $83.5 million.The company is offering 5,000,000 shares of which 1,153,846 shares are being offered for sale by the company’s existing shareholders including venture capital investors SAIF Partners, Helion Venture Partners and Sierra Ventures. Deep Kalra, the company’s 41-year old founder-promoter is also selling some shares (see details of shareholding below). The company pegs the average price per share paid by these shareholders at $1.8. It has raised over $40 million from venture capitalists over multiple rounds of funding.
| Shareholder | Pre-IPO | Post-IPO |
|---|---|---|
| Source: SEC Filing | ||
| SAIF Partners | 51.32% | 43.79% |
| Tiger Global | 12.14% | 12.10% |
| Helion Venture Partners | 11.97% | 10.21% |
| Sierra Ventures | 7.98% | 6.81% |
| Deep Kalra | 14.45% | 11.62% |
Image Courtesy: MakeMyTrip
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