Pursuits
India’s MakeMyTrip Posts Biggest Rally for U.S. IPO Since 2007
This article is for subscribers only.
MakeMyTrip Ltd. posted the biggest first-day gain for a U.S. initial public offering since 2007 after becoming the first Indian company in four years to complete an IPO in America.
India’s largest online travel company surged 89 percent to $26.45 in Nasdaq Stock Market trading yesterday after selling 5 million shares at $14 each. The original midpoint price had valued the Gurgaon, India-based company at 5.41 times next year’s sales, higher than the average of 4.16 for its U.S.- traded rivals, data compiled by Bloomberg and Independent International Investment Research Plc show.