Flipkart, owned by the world’s largest retail company, Walmart, plans to raise $ 1 billion, or Rs 73,000 crore, through an IPO. However, the company’s IPO will be launched in India, not in the US. The company can launch this IPO in the last quarter of this financial year, i.e. 2021-22, to get listed in the US stock market. If Flipkart successfully gets its IPO list in the US market, it will be the most significant public issue of any Indian company in any foreign market.
Flipkart IPO will be launched in the US market
The internal team of Walmart formed to launch Flipkart’s IPO will decide its entire strategy. Earlier, Walmart wanted to list Flipkart in the US stock market through the SPAC route. Listing companies through the SPAC route does not have to face much scrutiny. Flipkart has appointed Goldman Sachs for this. This will see all the work related to the IPO of Flipkart in the American market.
Walmart’s 82 per cent stake in Flipkart
Three years ago, Walmart bought a 77 per cent stake in Flipkart for $ 16 billion. After this, he increased his stake in it to 82 per cent. In July 2020, Flipkart acquired Walmart India and launched a digital B2B shopping platform Flipkart Wholesale. Flipkart said that launching an IPO was always a part of the company’s long-term strategy. Flipkart has tough competition in the Indian market with Amazon and Reliance Retail, trying to cement its strategy.