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Flipkart Board approves domicile shift from Singapore to India ahead of IPO: Report

Upstox
By Upstox News Desk

2 min read | Updated on December 20, 2024, 10:40 IST

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SUMMARY

Flipkart, which was last valued at $36 billion, is planning to launch an IPO by the end of the current financial year or early in the first quarter of FY26, according to a news report.

Walmart is the largest shareholder of Flipkart, owning an 85% stake.

Walmart is the largest shareholder of Flipkart, owning an 85% stake.

Flipkart IPO: In another step towards its long-awaited initial public offering (IPO), the Board of Walmart-owned Flipkart has given the green light to change its domicile from Singapore to India, CNBC-TV18 reported, citing sources.

The report stated that relocating to India will streamline regulatory and operational processes.

Flipkart, which was last valued at $36 billion, is planning to launch an IPO by the end of the current financial year or early in the first quarter of FY26, sources told CNBC-TV18. The e-commerce giant's public offer is likely to be one of the largest IPOs in India.

Walmart is the largest shareholder of Flipkart, owning an 85% stake. Tiger Global Management, Google, the Government of Singapore Investment Corporation, DST Global, and Qatar Investment Authority hold the remaining 15%.

International Gemmological Institute Share Price LIVE: Stock lists at 22.3% premium to IPO price on NSE

Flipkart narrows loss to ₹4,248 crore in FY24

The consolidated net loss of Flipkart narrowed to ₹4,248.3 crore in the financial year 2023-24 (FY24) due to a surge in its revenue, as per the regulatory filing report shared by Tofler.

In FY23, the company had reported a consolidated post-tax loss of ₹4,897 crore.

The firm's expenses on purchase of stock in trade grew by around 24% to ₹74,271.2 crore in fiscal year 2024 from ₹59,816.6 crore in FY23.

According to the Tofler report, the return on equity of Flipkart descended to the lowest level in the past five years to negative 49.6%. Also, the company's return on capital employed was the lowest at negative 54.09% over the last five financial years.

The Walmart Group's consolidated revenue spiked 26% to ₹70,541.90 crore in FY24, compared to ₹55,823.9 crore in FY23.

Meanwhile, in the upcoming IPO lineup, laptop and desktop refurbisher GNG Electronics, solar-powered agricultural water pump systems provider GK Energy, fine jewellery maker BlueStone Jewellery and Lifestyle and stock market broker Anand Rathi Share and Stock Brokers have filed draft papers with capital markets regulator SEBI to raise funds via public offers.
To learn more about IPO listings, schedules, and upcoming IPOs, visit our page.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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