American retail company Walmart is preparing to bring an IPO of its Indian unit Flipkart. Walmart has given information about this. However, it has not yet fixed the time for presenting this IPO. In fact, Flipkart was acquired in the year 2018 in Walmart to compete with Amazon. Now Walmart wants to strengthen its hold on the market through IPO.
Walmart International President and CEO Judith McKenna said at the ‘DB Access Global Consumer Conference’ on Tuesday that both Flipkart and payments app Phone-Pe continue to do well. “From the day we have made the acquisition or investment, we have clarified that we are ready for IPO,” he said.
Deadline not yet fixed
McKenna, however, said that there is no timeline for the sale of Flipkart’s shares. He said, “…if we build a strong business and we continue to do the things we need to do to ensure long-term and sustainable growth, there is certainly a potential path on which we can take Will consider in future. But of course there is no clear timeline for that (IPO) right now.
Flipkart acquisition in 2018
Walmart, one of the world’s largest retail companies, acquired Flipkart in 2018. He did this to gain entry into the retail market of India. In India, it is competing with Amazon. Amazon is also an American company. Earlier at the end of last month, financial technology company Paytm had also announced to bring India’s biggest IPO. According to the Bloomberg report, this IPO can be around 21800 crores. World’s leading investors have bet in Paytm. Many investors including Warren Buffett’s company Berkshire Hathaway, Japan’s Soft Bank, Chinese Ant Group have invested money in this company. After the arrival of IPOs like Paytm and Flipkart, investors will now have a chance to invest in new age digital companies as well.
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