Latham Advises MakeMyTrip on Its US$3.1 Billion Convertible Notes and Primary Share Offerings
Latham & Watkins advised MakeMyTrip on its offering of US$1.25 billion in aggregate principal amount of 0.00% convertible senior notes due 2030, and the exercise in full by the initial purchasers of their option to purchase an additional US$187.5 million in aggregate principal amount of the notes. Latham also advised on MakeMyTrip’s concurrent underwritten registered public offering of 16,000,000 ordinary shares of the company, and the exercise in full by the underwriters of their option to purchase 2,400,000 additional ordinary shares, valued in aggregate at US$1.656 billion.
MakeMyTrip received net proceeds of approximately US$3.1 billion from the concurrent offerings, and intends to use all of the net proceeds to repurchase a portion of the company’s Class B shares held by Trip.com Group Limited.
The transaction represents the Asia-Pacific region’s largest concurrent equity follow-on and convertible notes offering and the largest capital raise by a new-age tech firm in India since 2022.
The Latham team was led by Singapore corporate partner Rajiv Gupta and Hong Kong partners Posit Laohaphan and Derek Chua, and Singapore counsel Jeremy Wang, with Singapore associates Kelly Teoh, Esha Goel, and Chaitrika Bellana, Hong Kong associates Christine Lo and Diana Dizon, New York associate Abid Ahmed, Austin associate Mary Kline, and senior paralegal Lily Mak. Advice was also provided on tax matters by New York partner Aaron Bernstein and Chicago partner Rene de Vara, with New York associate Claire Park; on financial regulation matters by Washington, D.C. partner Alex Cohen and New York partner Gail Neely; on convertible debt matters by New York counsel Polina Tulupova; and on ERISA matters by Los Angeles partner David Taub and counsel Aryeh Zuber.
ABOUT MAKEMYTRIP
MakeMyTrip owns and operates well-recognized online travel brands, including MakeMyTrip, Goibibo, and redBus. Through its primary websites, www.makemytrip.com, www.goibibo.com, www.redbus.in, and mobile platforms, travellers can research, plan, and book a wide range of travel services and products in India and overseas.
ABOUT LATHAM’S INDIA PRACTICE
With over 20 years of experience advising on Indian debt and equity capital markets transactions, Latham has one of the largest and most active India practices among international law firms. The multi award-winning practice comprises more than 50 lawyers globally, and the team has advised on India-related matters with a combined value in excess of US$100 billion since 2018.