Flipkart, the Walmart-backed e-commerce giant, is aiming to go public in India as early as next year, with an initial public offering (IPO) valuation target of $60 billion to $70 billion, according to people familiar with the matter. If realised, the offering would rank as the largest consumer-tech IPO in India's history.
The company, based and operating in India, has initiated steps to relocate its holding company from Singapore to India, a move intended to smooth the path for a domestic listing.
Flipkart's board has approved the redomiciling process, which is expected to be completed ahead of its IPO within the next 12 to 15 months, according to the sources.
The Bengaluru-based firm was last valued at approximately $36 billion. It has been bolstering its board and streamlining operations in recent months as it prepares for a public debut.
"Relocating the holding company to India is a precursor to Flipkart's planned IPO next year. The company already has the majority of its assets and operations based in India, so this move primarily involves transferring the holding entity to align with that reality," said an industry executive with knowledge about Flipkart's IPO strategy.
A Flipkart spokesperson on Monday night said the strategic decision reflects the company's deep and unwavering commitment to India and its remarkable growth. However, a query related to the firm's IPO plans remained unanswered till press time.
"Being domiciled in India enables the company to access the domestic capital markets directly, avoiding regulatory friction that foreign-held companies often face," said Sonam Chandwani, managing partner at law firm KS Legal & Associates.
"This could improve market perception and potentially enhance its valuation, given that investors are more comfortable with transparent corporate structures and local regulatory oversight," said Chandwani.
With Flipkart targeting a $60-$70 billion valuation, experts said proximity to Indian investors, regulators, and retail participants could help establish a stronger valuation floor. Chandwani of KS Legal & Associates said domestic listing may allow it to benefit from market regulator Sebi's favourable stance toward Indian-grown tech firms and help project itself as a national success story.
Flipkart is in a fierce battle with Amazon, Reliance's JioMart, and the Tata Group to tap the Indian e-commerce market, which is expected to reach $325 billion by 2030, according to a Federation of Indian Chambers of Commerce and Industry (Ficci)-Deloitte report.
Peerzada Abrar/Business Standard
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