Flipkart eyes on overseas IPO as early as 2021
Walmart’s Flipkart is preparing for IPO overseas as early as 2021 which could help the company to value up to $50 billion.
Walmart’s Flipkart which is a direct competition to Amazon India and JioMart(Reliance Industries) will be aiming for valuation in the $46-$50 billion range according to the sources.
If all this achieved, Walmart almost doubles its investment which he made in 2018 by accruing 77% stakes for $16 billion in the company which remains the largest foreign direct investment in India.
According to the sources company likely choose countries like Singapore or the US for its IPO.
For IPO company likely to choose countries like the US or Singapore.
Flipkart is incorporated in Singapore, but listed in the parent company’s country (USA) helps to get deeper pools of funds.
This IPO will be considered in late 2021 or early 2022: reports
Preparations and discussions have been internal for now, but the company is preparing to tap external advisers on the process.
According to the Goldman Sachs Indian e-commerce sector likely to have worth $99 billion by 2024 because people are switching to online shopping.
This market size attracted not only foreign companies like Amazon or Walmart but Indian billionaire Mukesh Ambani also jumped into in this race through JioMart.
