May 12, 2018 / 5:00 AM / 4 months ago

Walmart says Flipkart could go public in as early as four years - filing

MUMBAI, May 12 (Reuters) - Walmart Inc said on Saturday in a filing with a U.S. regulator that it may take India’s Flipkart public in as early as four years, detailing for the first time a potential listing timeline for Walmart’s largest-ever acquisition.

Minority investors holding 60 percent of Flipkart’s shares “acting together, may require Flipkart to effect an initial public offering” (IPO) four years after the close of the Walmart-Flipkart transaction, the Bentonville, Arkansas-based retailer said in a May 11 filing with the U.S. Securities and Exchange Commission.

The IPO should be done at no less a valuation than that at which Walmart invested in the Indian firm, the filing said.

Walmart announced earlier this week that it will pay $16 billion for a roughly 77 percent stake in Flipkart in what is the U.S. retail giant’s largest-ever deal and a move to take on arch rival Amazon.com Inc in a key growth market.

The investment implies a valuation of nearly $21 billion for Bengaluru-headquartered Flipkart.

Minority shareholders after the deal include co-founder Binny Bansal, China’s Tencent Holdings, U.S. hedge fund Tiger Global Management and Microsoft Corp. (Reporting by Sankalp Phartiyal; Editing by Christian Schmollinger)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below