Wednesday, 7 April 2021
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.
Saroj Panigrahi, a former JPMorgan Chase & Co. attorney hired by Flipkart in December, is driving the IPO process, the people said. JPMorgan and Goldman Sachs Group Inc. are in discussions with the company about advising on the deal and are frontrunners to be formally selected, they added.