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MakeMyTrip soars after Nasdaq listing
One of India's largest online travel companies, MakeMyTrip saw its market valuation nearly double to $902.8 million on its debut trade in the US market.
One of India's largest online travel companies, MakeMyTrip saw its market valuation nearly double to $902.8 million on its debut trade in the US market.
MakeMyTrip was listed on the Nasdaq on Thursday and on its debut trade shares shot-up by 88.9 per cent over the IPO price of $14 a piece.
MakeMyTrip that raised $70 million through its maiden initial public offering of 5 million shares in the US market ended its first day at $26.45 per share.
At Thursday's closing price, the Gurgaon-based company is valued worth $902.8 million in contrast to its valuation of $477.9 million just a day earlier.
Analysts said the 'stellar debut' of MakeMyTrip was an encouraging event for many Indian firms, planning a listing in the US. "The huge response to MakeMyTrip shares shows investor confidence towards smaller issues also," said a Delhi-based analyst.
The company plans to utilise the proceeds from the sale of shares to expand its operations in strategic businesses as well as for working capital.
