Flipkart to launch IPO by Q4 FY 2021

Flipkart, the Indian e-commerce giant controlled by Walmart Inc., plans to launch an IPO by the fourth quarter of this year.

As per Bloomsberg report, the U.S. retail giant has set up an internal IPO team for Flipkart and is leaning toward a traditional debut in the US. Flipkart had explored going public through a blank-check company to speed up the listing process, but that route is not under consideration now, one of the people said. The startup’s valuation could top $35 billion as it goes public.

Saroj Panigrahi, a former JPMorgan Chase & Co. attorney hired by Flipkart in December, is driving the IPO process. JPMorgan and Goldman Sachs Group Inc. are in discussions with the company about advising on the deal and are frontrunners to be formally selected.