Walmart Inc-owned Indian e-commerce giant Flipkart is exploring going public in the United States through a deal with a blank-check firm, although a traditional stock market listing is much more likely, people familiar with the matter said. The talks for a deal with a special purpose acquisition company ( SPAC ) are at a very early stage and could fall apart as no plans have been finalized yet, said the people, who declined to be named as the information is confidential. “We have been clear that we support an IPO for Flipkart, but we have not made any decisions on timing, listing venue or methodology,” a spokesman for Walmart told Reuters. Walmart acquired a roughly 77% stake in Flipkart for about $16 billion in 2018 and said later that year that it could take the company public in four years. A growing number of Indian startups are considering the SPAC route to public markets as it involves less regulatory scrutiny and gives companies more certainty over the valuation that will be attained and the funds that will be raised. India’s largest renewable energy firm ReNew Power last month struck a deal with a blank-check company to go public in the… Read full this story
- Kuwait beauty startup Boutiqaat in new funding talks, eyes unicorn status -sources
- 2020 Cowboys contract talks: Length of deal remains holdup on Dak Prescott, team renews offer to Amari Cooper
- Canada's Brookfield halts sale of Australian coal port due to coronavirus: sources
- Presidential Rift, Coronavirus Eclipse Afghan Peace Deal
- The best Samsung Galaxy deals for March 2020
- Why Walmart wants Myntra to offer less discounts
- Walmart job cuts in India: Sacked employees write to headquarters
- Walmart asks Myntra to reduce discounts, streamline processes
- Asda owner Walmart puts major stake in UK supermarket chain up for sale – 10 months after regulators ruled out £12bn merger with Sainsbury's
- Why Amazon and Flipkart are seeking clarification from government on Budget
Walmart's Flipkart in early talks for US listing via SPAC deal: Sources have 307 words, post on www.gadgetsnow.com at March 4, 2021. This is cached page on Technology Breaking News. If you want remove this page, please contact us.