Walmart-Owned Flipkart Initiates Early Talks with Investment Banks for Potential India IPO

Flipkart Initiates Discussions for Potential IPO

Flipkart, the e-commerce subsidiary of Walmart, has started preliminary discussions with select investment banks, including Goldman Sachs, Kotak Mahindra Capital, Morgan Stanley, and JP Morgan, to assess the feasibility of an initial public offering (IPO).

The discussions are exploratory in nature, aimed at gauging demand levels, investor appetite, and the potential size of the IPO, which is expected to be significant, with a primary component. The IPO is likely to be launched in late 2026 or early 2027.

Flipkart's plans come after it received a key approval from the National Company Law Tribunal (NCLT) in December to shift its holding company domicile from Singapore back to India, a major milestone in its roadmap towards a domestic IPO.

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As part of its preparations for the IPO, Flipkart has been building its leadership team, business, and operations to ensure it is ready for the responsibilities and complexities that come with being a public company. The firm's group includes Flipkart, Myntra, Flipkart Wholesale, Cleartrip, and super.money, with a registered user base of over 500 million and a marketplace offering over 150 million products across 80+ categories.

Flipkart's financial performance has been strong, with revenues of Rs 83,105 crore in 2025, and it was recently named one of the top firms in the inaugural edition of "JM Financial Hurun India Unlisted Gems 2026", a curated list of high-potential companies with the scale and performance characteristics aligned with public market entry.

This is not the first time a Walmart subsidiary is pursuing a listing in India. PhonePe, another arm of Walmart, received the nod from market regulator Sebi for an IPO in January, with plans to raise around Rs 12,000 crore through a pure offer for sale.