E-commerce platform Flipkart is all set to file for an IPO in 12-15 months. To add to it, the firm is also in the process of reverse flipping, that is, shifting its base back to India.
The company reportedly received internal approvals to sift its domicile from Singapore to India
E-commerce platform Flipkart is all set to file for an IPO in 12-15 months. To add to it, the firm is also in the process of reverse flipping, that is, shifting its base back to India.
This is as per an Economic Times report. The company has reportedly received internal approvals for the shift as well. While the approximate timeline is not known, as of now, the tentative timing for the company to go public is by the first quarter of 2026.
To add to it, a source told the Economic Times, “The process has begun, and there is a clear understanding that in this timeline the company should be public.” This comes at a time when the Indian IPO market has been buzzing. The latest new-age company to go public was Swiggy. Quick commerce platform Swiggy ended its listing day with a 17 percent gain over the IPO issue price. The issue price of the IPO was Rs 371–390, and it was open for subscription from November 6–8, 2024.
Some of the other new-age companies that went public include Nykaa, Zomato, Ola Electric, Unicommerce, Awfis, Ixigo, and others. As per Bloomberg data, Indian IPOs have raised $8.6 billion this year. This has surpassed the total amount that was raised in both of the previous two years.
Flipkart’s IPO plans come at a time when the company recently completed a fundraise of $350 million from Google in May this year. This was a part of the larger $1 billion funding round of the e-commerce platform that was started in 2023.
This is not the first time that the e-commerce platform has been focusing on its IPO plans. The company has been in talks to go public since 2021. However, the same was suspended during 2022-23 due to unfavorable market conditions.
Meanwhile, in an earnings call in May, Kath McLay, president and CEO of Walmart International, said that the company was evaluating the right time to go public. “We are looking at and exploring when will be the right time to IPO that business (Flipkart). But now there's strong growth both in Flipkart and in PhonePe, and we're excited about the India market," said McLay.
Talks about Flipkart shifting its domicile back to India have also been happening for a while. The e-commerce platform reportedly began active talks to shift its domicile from Singapore to India in May this year. Additionally, several start-ups have shifted their domicile back to India, including PhonePe, Groww, and Pepperfry. The latest company to have shifted its domicile back to India from the USA was Groww in May this year. On the basis of the new fair market value, the company had to reportedly pay $160 million to shift its market value.