New Delhi, July 21 -- For nearly 16 years, MakeMyTrip's public market journey has played out on the Nasdaq. Now, the online travel company is preparing for its next chapter much closer to home.

MakeMyTrip has confidentially filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for the proposed initial public offering (IPO) of its Indian subsidiary, MakeMyTrip (India) Limited. The move comes as several technology companies that once looked overseas for capital are beginning to view Indian markets as a viable long-term destination.

The proposed public issue will consist entirely of an Offer for Sale (OFS), with Nasdaq-listed MakeMyTrip Ltd and its Singapore-based wholly owned subsidiary, ibibo ...