Online Travel Agent MakeMyTrip, which had a blockbuster debut on NASDAQ last week, ended the 17th of August 2010, it’s fourth day as a public listed entity, at $31.95, up 29.51% for the day (Yahoo Finance), and as much as 128.2% above its listing price of $14. At $31.95, MMYT’s 34,134,002 shares outstanding would put its market cap at $1.09 billion. The stake owned by SAIF Partners, MMYT’s largest shareholders, would currently be valued at $490 million.
This is, as per my reckoning, the first instance of an Indian Internet company crossing the $1 billion Market Cap mark. The closest to come to this level (though not very close) was Rediff.com three years ago, when it was around $740 million.
Recent MMYT developments:
– MakeMyTrip Gets Sued By Cox & Kings– MakeMyTrip Closes 89% Up On NASDAQ Debut; $902M Market Cap; Profit In Q1-11
– Updated: MakeMyTrip Files For $100 Million IPO On NASDAQ; FY10 Loss At $6.2 Million