(Reuters) – Walmart Inc-owned Indian e-commerce company Flipkart is looking at going public in the United States through a merger with a blank-check company, Bloomberg News reported on Thursday, citing people familiar with the matter.
Flipkart has reached out to several special purpose acquisition companies (SPACs) and could seek a valuation of at least $35 billion in a blank-check deal, the report said.
Both Flipkart and Walmart did not immediately respond to Reuters requests for comment.
Reuters reported in September that Bengaluru-based Flipkart, which vies with players such as Amazon.com’s local unit and India’s Reliance Industries, was preparing for an initial public offering (IPO) overseas as early as 2021.
A SPAC is a shell company that raises money through an IPO to merge with another firm, allowing that business to list more quickly.
More than a dozen companies, including Burger King India, opted for IPOs in the last few months of 2020 to cash in on a rally in Indian shares, fuelled by record foreign inflows and an improving economic outlook.
(Reporting by Derek Francis, Shubham Kalia and Anuron Kumar Mitra in Bengaluru; Editing by Aditya Soni)