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Flipkart To File For IPO In Q4

Walmart Inc. (WMT)-owned Indian e-commerce company Flipkart will file for Initial Public Offering in the fourth quarter of 2021. The company expects to raise its valuation to $35 billion through the IPO which will allow Walmart to double its investment in the Indian company since its acquisition in May 2018.

Since the breaking of the news, Walmart has seen its shares rise by 0.77% or $1.07. The American retail giant bought 77% of Flipkart's shares for $16 billion.

Walmart's internal IPO team is handling the proceedings for Flipkart.

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