Flipkart To Make Its IPO Debut In Fourth Quarter Of This Year, Valuation Could Top $35 Billion

Indian e-commerce giant Flipkart plans to make its initial public offering (IPO) debut in the fourth quarter of this year.

According to people familiar with the matter, US retail giant Walmart Inc has set up an internal IPO team for Flipkart and is leaning toward a traditional debut in the United States and the startup’s valuation could top $35 billion as it goes public, reports The Economic Times.

This comes at a time when online transactions in India have surged after the coronavirus pandemic, pushing millions of new customers from small towns and cities to switch to online platforms, boosting valuations of e-commerce firms.

“Flipkart’s IPO will be a large, exciting public offering and a very significant milestone for India’s startup ecosystem,” said Neha Singh, co-founder and chief executive officer of private market intelligence researcher Tracxn Technologies Pvt.

In India, a rush of startups are headed toward the public markets with at least 10 offerings in the queue.