Walmart's Flipkart Shifts Base to India for IPO

Flipkart has completed a "reverse flip" — relocating its holding company from Singapore back to India as of March 9, clearing the path for one of the largest-ever Indian IPOs. Flipkart Internet Private Limited is now the holding entity of the entire group, replacing the former Singapore-based parent after receiving approvals from India's National Company Law Tribunal, Singapore courts, and the Indian government. The move comes more than a decade after Flipkart originally moved its headquarters offshore, and is required because Indian regulations mandate domestic domiciliation for companies listing on Indian stock exchanges.

WMT, which acquired 77% of Flipkart in 2018 for $16 billion in what was then the largest e-commerce deal globally, currently holds approximately 75–85% of the company and is expected to retain majority control post-IPO. Flipkart is targeting a listing on the Mumbai stock exchange before March 2027, with an IPO valuation target of $36–50 billion — up from its last private valuation of ~$37 billion when GOOGL acquired a $350 million minority stake in 2024. Goldman Sachs, Morgan Stanley, JP Morgan, and Kotak Mahindra Capital are in preliminary talks as IPO advisors.

India's e-commerce market is forecast to reach approximately $225.9 billion in 2026, growing at 12.4%. Analysts view the Flipkart IPO as a potential value-unlock event for WMT shareholders, with Oppenheimer maintaining an Outperform rating and citing optimism about both the Flipkart and PhonePe IPOs. A successful listing at $40 billion or above would crystallize the significant value appreciation of Walmart's original $16 billion India bet, though regulatory complexity — including Press Note 3 compliance related to Tencent's 5–6% stake — adds execution risk to the timeline.