Walmart's Flipkart eyes US listing
Exploring SPAC option and IPO; seeks a valuation of $35 bn in a blank-check transaction
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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 IPO 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. The e-commerce firm is joining other Indian firms like online grocer Grofers in exploring a US listing through SPAC deals.
ReNew Power last week agreed to merge with a US-listed special purpose acquisition company in a deal that will give India's biggest renewable power producer an enterprise value of $8 billion. Merging with SPACs, shell cos that raise money from market intending to acquire a business within two years, will allow Walmart to tap US mkt. (Bloomberg)
Baiju Kalesh & Anto Antony
