MakeMyTrip is considering a potential listing of its Indian operations through Indian Depository Receipts (IDRs), a less conventional route compared to traditional initial public offerings (IPOs). This strategy aims to tap into the Indian investor market while mitigating the tax burdens and regulatory challenges associated with direct listings. The company has confirmed its evaluation of the listing but has not disclosed whether it will proceed with IDRs or opt for an IPO. According to a spokesperson, the potential listing could enhance access to capital from domestic institutional and retail investors and may facilitate growth opportunities. The IDR route allows investors to purchase receipts linked to shares of the company listed abroad, providing a way to avoid immediate tax liabilities that could arise from a direct IPO. However, experts caution that the success of IDRs will depend on market acceptance and trading volumes. MakeMyTrip's internal restructuring, which consolidates its key brands under its Indian entity, suggests it is preparing for this strategic move. Investors will be looking for signals on whether the company will choose IDRs or maintain IPO as an option, as well as any regulatory changes that could enhance IDR liquidity.