Walmart CFO indicates FLIPKART India 'IPO' in the US without setting a timeline
08 December 2021, Mumbai:
Walmart chief financial officer (CFO) Brett Biggs said there is no specific timeline to Flipkart's initial public offering even as the online retailer is on its path to profitability.
"The (Flipkart) business is performing almost exactly like we thought it would. An IPO is still very much on the cards for that business. Just like everything else; it's the timing. Is the business exactly where you want? Is the market right?
All those things have to figure into what you do with an IPO," Biggs said at the Morgan Stanley Global Consumer & Retail Conference last week. "IPO and letting our associates have a piece of the business, having it to be a more local business in India - all those things are important to us, longer-term. And nothing about that has changed."
Flipkart, founded in 2007, was acquired by Walmart over three years ago. It has been weighing an IPO in the US for the past few quarters. The company offers more than 150 million products in 80 categories and has a registered customer base of 300 million, with an estimated gross merchandise value of $12 billion in FY20.
Read more at: https://economictimes.indiatimes.com/tech/startups/walmart-cfo-says-open-to-flipkart-ipo-but-sets-no-specific-timeline/articleshow/88154406.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
ET (The news article has not been edited by DFU Publications staff)
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