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MakeMyTrip Closes 89% Up On NASDAQ Debut; $902M Market Cap; Profit In Q1-11

Online Travel Agent MakeMyTrip closed at $26.45 per share on the day it made its NASDAQ debut, up 88.93% above its listing price of $14. During the day, its share price went up to $26.81, around 91.5% above the listing price. In the morning, the share opened at $22, 57.14% higher than base. More at Yahoo Finance.

In its Initial Public Offering, MakeMyTrip, which is trading using the symbol MMYT, offered 5 million shares for trading, thus raising a total of $70 million in the process. After deducting underwriting discounts and other expenses, MMYT gets $48.5 million from the offering. At $26.45, its 34,134,002 shares outstanding would value the company at $902,844,352.9, with the shareholding of its pre-IPO shareholders amounting to $860,511,445.30. But this on debut-day, and the value of the holding will change with market fluctuations.

Recent Financial Performance

MakeMyTrip has also released information about its performance in the first quarter of this fiscal year (the second quarter of the year), ending June 30th 2010:

– The company reported revenue of $33.7 million, up 49.0% over revenue of $22.6 million in the quarter ended June 30, 2009.
– MMYT reported a profit of $1.3 million for the quarter ended June 30, 2010, from a loss of $(5.6) million in the quarter ended June 30, 2009. According to the company, excluding the effects of employee share-based compensation costs in both quarters, it would have recorded an operating profit of $1.4 million in the quarter

Air Ticketing

– Revenue from its air ticketing business increased by 27.8% to $10 million in the quarter ended June 30, 2010 from $7.8 million in the quarter ended June 30, 2009, primarily due to a 63.6% growth in gross bookings to $146.5 million in the quarter ended June 30, 2010 from $89.5 million in the quarter ended June 30, 2009. The increase gross bookings was due to a 68.5% increase in the number of transactions by customers.
– Net revenue margins declined from 7.9% in the quarter ended June 30, 2009 to 6.8% in the quarter ended June 30, 2010. This was due to reduction in service fees MMYT charged on our domestic air ticketing business in order to attract more customers.
– MMYT also pre-purchased $0.9 million in air ticket inventory in the quarter ended June 30, 2009.

Hotels

– Revenue from hotels and packages business increased by 59.5% to $23.2 million in the quarter, up from $14.6 million in the quarter ended June 30, 2009. This was because of a 74.8% increase in hotels and packages gross bookings to $28.2 million, from $16.1 million for the corresponding quarter last fiscal.
– Revenue less service costs from MMYT’s hotels and packages business increased by 52.8% to $3.4 million from $2.2 million in the same quarter the previous fiscal. This was due to an increase in gross bookings, partially offset by a reduction in net revenue margins to 11.9% in the quarter ended June 30, 2010, from 13.6% in the corresponding quarter last year. MMYT reduced margins in our domestic hotels and packages business offered through our website in order to increase our sales of such packages.

Related:
MakeMyTrip Prospectus (SEC)
Updated: MakeMyTrip Files For $100 Million IPO On NASDAQ; FY10 Loss At $6.2 Million
MakeMyTrip To Acquire Bus Ticketing Site Ticketvala

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