Walmart's Flipkart weighs US listing via SPAC merger - Bloomberg News

Walmart's Flipkart weighs US listing via SPAC merger - Bloomberg News

Walmart Inc-owned Indian e-commerce company Flipkart is looking at going public in the United States through a merger with a blank-check company, Bloomberg News reported on Thursday, citing people familiar with the matter.

FILE PHOTO: Special Report AMAZON-INDIA/OPERATION
FILE PHOTO: The logo of India's e-commerce firm Flipkart is seen in this illustration picture taken January 29, 2019. REUTERS/Danish Siddiqui/Illustration/File Photo

REUTERS: Walmart Inc-owned Indian e-commerce company Flipkart is looking at going public in the United States through a merger with a blank-check company, Bloomberg News reported on Thursday, citing people familiar with the matter.

Flipkart has reached out to several special purpose acquisition companies (SPACs) and could seek a valuation of at least US$35 billion in a blank-check deal, the report https://www.bloomberg.com/news/articles/2021-03-04/india-s-flipkart-said-to-mull-u-s-listing-with-spac-as-option?sref=ZoyErlU1 said.

Both Flipkart and Walmart did not immediately respond to Reuters requests for comment.

Reuters reported in September that Bengaluru-based Flipkart, which vies with players such as Amazon.com's local unit and India's Reliance Industries, was preparing for an initial public offering overseas as early as 2021.

(Reporting by Derek Francis and Shubham Kalia in Bengaluru; Editing by Aditya Soni)

Source: Reuters

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