- Flipkart's IPO is likely postponed to 2028 due to market volatility and crowding
- Walmart advised Flipkart to delay listing amid a busy pipeline and weak conditions
- India's primary market faces multiple large IPOs, including NSE and Reliance Jio in 2026
Walmart-backed e-commerce giant Flipkart's much-anticipated public listing is now being pushed further out, with the company likely to target a 2028 IPO amid a crowded and volatile primary market landscape.
Sources indicate Walmart has asked Flipkart to hold back listing plans for now, citing an overloaded pipeline of large IPOs and weak market conditions. India's primary market is struggling to absorb multiple mega issues at once, with investor appetite turning cautious and valuations under pressure.
Heavy IPO pipeline includes NSE, Reliance Jio, Zepto and Oyo, crowding investor demand in 2026.
For Flipkart, the delay also aligns with Walmart's push for stronger profitability metrics before tapping public markets, including a focus on achieving EBITDA breakeven.
The potential offering is expected to be one of India's largest tech listings, with estimates pegging the IPO size at around $8–10 billion.
The move mirrors Walmart-backed PhonePe's decision to defer its IPO earlier this year, signalling a broader slowdown in large new-age listings amid volatile markets.
We have reached out to both Flipkart and Walmart for clarification. Official confirmation is awaited.
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