MakeMyTrip IPO: Blockbuster Debut
MakeMyTrip, India's largest online travel company made a blockbuster debut on Nasdaq, gaining 66% post-listing Thursday. The stock touched a high of $27 in trade on Friday before closing down 5% at $25.12.
The company's market cap zoomed to $800 million within two days, which stood at $450 million at the time of the issue.
The company offered 5 million shares priced at $14 each, thereby raising $70 million. The company also exercised the green shoe option for another 15%, taking the entire issue to $80.5 million. The company plans to use the proceeds from the offering to expand its operations by acquiring strategic businesses, technology enhancement and meeting working capital requirements.