If Flipkart’s IPO plans are successful, it will be the largest by a company based in India on overseas exchanges. The US retailer had pledged to take Flipkart public in four years after it bought a 77% stake for $16 billion in 2018. In July, Flipkart raised $1.2 billion in a fresh funding round with Walmart as the lead investor, valuing the company at $24.9 billion. Taking the Singapore company public in the US will help Walmart sidestep restrictions on Indian firms listing on foreign stock exchanges. Ltd, the company that runs the e-commerce marketplace Flipkart.com; Flipkart India Pvt.

Source: Hindustan Times December 06, 2020 23:15 UTC