Indian E-commerce Firm Flipkart Mulls US Listing Via SPAC Merger

REUTERS/Abhishek N. Chinnappa

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 $35 billion in a blank-check deal, the report 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.

Reuters

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