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.
Ezeego.com, 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.
Ezeego1.com spent close to Rs 33 crore in advertising for popularising its domain name. When MakeMyTrip registered deceptively similar domain names, they not only diverted Ezeego1.com’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]