Walmart’s Flipkart considers going public in the US via SPAC, report says

Flipkart ceo Kalyan Krishnamurthy
Flipkart CEO Kalyan Krishnamurthy. Saumya Khandelwal/Reuters
  • Flipkart is considering a US IPO and has approached several SPACs about a potential deal, Bloomberg reported. 
  • The online retailer may seek a valuation of at least $US35 ($45) billion in a deal with a black-check firm.
  • Walmart bought a stake in Flipkart in 2018.  
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Walmart’s Flipkart is looking into going public in the U.S., with the Indian online retailer considering a merger with a blank-check company as an option, according to a report Thursday.

Flipkart’s advisers have approached several special purpose acquisition companies, or SPACs, in aiming for an initial public offering in the US and to quicken the listing process, Bloomberg reported, citing unidentified sources.

Flipkart could seek a valuation of at least $US35 ($45) billion in a blank-check transaction, the report said. 

Talks are at an early stage and Flipkart could look into other options. A Flipkart representative had no immediate comment, Bloomberg reported.

Walmart in 2018 bought a majority stake in Flipkart in a $US16 ($21) billion deal. Flipkart sells 80 million products on its platforms and is battling Amazon and other companies for market share in India.