MMT IPO – Issue Demand Touches $1.5Bn, Ezeego Sues MMT

Yesterday, MMT went live with NASDAQ IPO and the stock was priced at $12-14 valuing the company to $450million.

The company’s market cap has zoomed to $800 million (day one) and stock price went up to $26.45.

Party Poopers, a group company of Cox and Kings and has initiated legal proceedings against MMT and has accused the company of violating its trademark and is seeking compensation of $15-20mn. spent close to Rs 33 crore in advertising for popularising its domain name. When MakeMyTrip registered deceptively similar domain names, they not only diverted’s user traffic of up to 10-20 million hits, but also gained undue advantage due to the popularity of the domain as a result of the advertising by the complainant. – source

Related: Cleartrip CEO Arrested (and released) [Travelocity’s FIR Against Cleartrip]

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