Walmart-Backed Flipkart to Initiate IPO Bank Pitches in April

The long-anticipated public debut of Flipkart Internet Pvt appears to be entering its final preparatory phase. According to industry reports, the Walmart-backed e-commerce leader is set to invite investment banks to pitch for roles in its initial public offering (IPO) as early as April 2026. This development follows years of speculation and represents a significant liquidity event for Walmart, which has spent billions consolidating its control over the Indian retail powerhouse since its initial acquisition in 2018.

This move is not happening in a vacuum. Just days prior to the reports of bank pitches, Flipkart successfully completed a 'flip' of its holding company, moving its legal domicile from Singapore back to India. This corporate restructuring is widely viewed as a prerequisite for a domestic listing on Indian exchanges, such as the NSE and BSE, though a dual listing remains a possibility. By moving its headquarters to India, Flipkart aligns itself with the regulatory preferences of the Indian government and simplifies the tax and compliance framework necessary for a local public offering.

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Analysts estimate that Flipkart could seek a valuation in the range of $35 billion to $40 billion, which would make it one of the largest technology listings in India’s history.

Walmart’s strategic patience with Flipkart is now being put to the test. Over the past 24 months, the U.S. retail giant has aggressively cleaned up Flipkart’s cap table, buying out early investors like Tiger Global and Accel for billions of dollars to increase its stake to approximately 85%. This consolidation ensures that Walmart will be the primary beneficiary of any valuation upside during the IPO. Analysts estimate that Flipkart could seek a valuation in the range of $35 billion to $40 billion, which would make it one of the largest technology listings in India’s history.