Walmart Inc.-owned Flipkart is exploring going public in the US through a merger with a blank-cheque company, according to a Bloomberg report. Flipkart’s advisers have approached several special-purpose acquisition companies, or SPACs, with a view to quickening its listing process. The valuation being sought is at least $35 billion, the report added.
News reports just six months ago had said Flipkart is eyeing an IPO (initial public offering) at a valuation of $45-50 billion. Of course, there is no official word about these valuation numbers but, as it turns out, tech stocks have indeed corrected in the past month.