“We will do it (Flipkart IPO) when it s time for the business, it s not an output, its not a target for us to do that,” Walmart International President Judith McKenna says.
Flipkart stares at a dent in valuations as it toys with SPAC route for listing
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Walmart Inc.-owned Flipkart is exploring going public in the US through a merger with a blank-cheque company, according to a Bloomberg report. Flipkart’s advisers have approached several special-purpose acquisition companies, or SPACs, with a view to quickening its listing process. The valuation being sought is at least $35 billion, the report added.
News reports just six months ago had said Flipkart is eyeing an IPO (initial public offering) at a valuation of $45-50 billion. Of course, there is no official word about these valuation numbers but, as it turns out, tech stocks have indeed corrected in the past month.
A traditional Flipkart IPO is much more likely, even as a growing number of Indian tech startups are considering the SPAC route to public markets because it involves less scrutiny.
Walmart Inc.’s Flipkart is exploring going public in the US through a merger with a blank-check company as it seeks to quicken its listing process, according to people familiar with the matter. The Bengaluru-based online retailer has been weighing a US initial public offering and it’s now also looking at other options, the people said. Flipkart’s advisers have approached several SPACs, said one of the people, who asked not to be identified as the information is not public. Flipkart could seek a valuation of at least $35 billion in a blank-check transaction, the people said. Deliberations are at an early stage and Flipkart could still explore other options, the people said. A representative for Flipkart had no immediate comment.