Walmart-backed e-commerce major Flipkart Internet Pvt. Ltd. is preparing to formally begin the process of selecting investment banks for its potential initial public offering (IPO), according to people familiar with the matter. The company is expected to invite banks to pitch for the mandate as early as next month.
The planned IPO, which could take place later in 2026 or early 2027, would likely see the company pursue a listing in Mumbai, marking one of the most closely watched public market debuts in India’s technology and e-commerce sector.
Flipkart has reportedly already held informal discussions with investors and bankers to assess market appetite for the listing.
Sources familiar with the development said the company is expected to start the formal process of inviting banks for IPO pitches in April. The discussions remain preliminary, and the timing or structure of the offering may still evolve.
If the IPO proceeds, it may include a secondary share sale by existing investors, including majority shareholder Walmart Inc., the people said. Proceeds from the offering are also expected to support Flipkart’s future business expansion.
A representative for Flipkart did not respond to requests for comment regarding the potential listing.
The move comes after recent reports suggested that the company had begun early conversations with investment banks about a possible public market debut.
A significant step toward the IPO came earlier this week when Flipkart confirmed it had received government approval to shift its domicile from Singapore to India. The move is widely viewed as a strategic step to enable a domestic listing.
India’s equity markets saw a surge in IPO activity in 2025, with several high-profile companies tapping public markets. However, investor sentiment has moderated in 2026 following a series of underwhelming listings and a nearly 10% decline in the benchmark Sensex.
Despite the softer market environment, Flipkart’s scale and market position could still attract strong investor interest if the listing proceeds.
Founded in 2007, Flipkart has grown into one of India’s largest online retail platforms, with a registered customer base of more than 500 million, according to company data.
Walmart acquired a 77% stake in Flipkart for $16 billion in 2018, marking one of the largest foreign investments in India’s digital economy. The US retail giant later increased its ownership through additional acquisitions.
In 2023, Walmart purchased Tiger Global Management’s remaining stake in Flipkart, valuing the company at approximately $35 billion at the time.
Flipkart operates several major consumer platforms beyond its core marketplace, including fashion retailer Myntra and travel booking platform Cleartrip.
Read more: Jet Fuel Prices Surge 58% Amid US-Iran Conflict; Airlines Warn of Potential Fare Hikes.
Flipkart’s potential IPO could become one of the most significant listings in India’s technology and e-commerce sector, reflecting the maturity of the country’s digital commerce ecosystem.
While discussions are still at an early stage, the company’s preparation to invite banks for IPO pitches signals that a public listing could be drawing closer, with investors watching closely for what may become one of the largest tech IPOs in the Indian market.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Mar 12, 2026, 11:51 AM IST
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
