Walmart’s Flipkart Aims for IPO in Fourth Quarter, Sources Say
- Walmart’s 2018 acquisition was initially met with skepticism
- E-commerce companies have thrived during pandemic lockdowns
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Flipkart, the Indian e-commerce giant controlled by Walmart Inc., is making progress toward an initial public offering as soon as the fourth quarter of this year, according to people familiar with the matter.
The U.S. retail giant has set up an internal IPO team for Flipkart and is leaning toward a traditional debut in the U.S., said the people, asking not to be named because the details are private. Flipkart had explored going public through a blank-check company to speed up the listing process, but that route is not under consideration now, one of the people said. The startup’s valuation could top $35 billion as it goes public.