Flipkart shifts base from Singapore to India ahead of IPO

Gulf SWF-backed Flipkart has shifted its holding company from Singapore to India, clearing a key hurdle ahead of its planned domestic stock market listing, Reuters reports. The Walmart-backed firm said it has received government approval for internal restructuring and to complete its redomiciliation ahead of its initial public offering.

Reverse migration gathers pace: Flipkart will join a growing list of Indian startups relocating their domiciles back to India from hubs such as Singapore. Many firms had earlier incorporated overseas to access global capital and lower tax burdens, but bullish domestic capital markets and stronger IPO prospects are now drawing them back.

Background: US-based retail giant Walmart owns a 77% stake in Flipkart, with other marquee investors including Qatar Investment Authority, Abu Dhabi Developmental Holding Company, Singapore’s GIC, Japan’s SoftBank, China’s Tencent, Google, and Microsoft. Founded in 2007, Flipkart has grown into a major rival to Amazon in India.

Adia-backed Greenko eyes listing

ADIA backed Greenko: New Delhi-based renewables firm Greenko Energies, backed by the Abu Dhabi Investment Authority, is weighing an IPO that could raise up to USD 1 bn, Bloomberg reports, citing unnamed sources. The firm, backed by Singapore’s GIC and Adia, held preliminary discussions with bankers for a potential listing as early as this year, though advisers have not yet been formally appointed.

The plan could test investor appetite as renewable energy stocks face tougher market conditions. This comes after Clean Max Enviro Energy Solutions fell 18% upon its market debut in February. Greenko operates about 11 GW of installed capacity across India, with another 20 GW under construction, and could shelve the IPO if market sentiment weakens.