John Hancook raises Flipkart valuation by 16 per cent
India’s leading ecommerce company Flipkart has finally something to cheer up as after a series of mark downs from various mutual funds, US-based mutual fund player John Hancock, has marked up Flipkart shares by 16% — the biggest for the company in recent times, the Financial Express reported.
As per filings with US market regulator, Securities and Exchange Commission (SEC), John Hancock valued its total Flipkart holdings at $10,79,528, at a price of $126.72 per share as on February 28, 2017. This is 16% higher than its previous valuation of $108.99 per Flipkart share on November 30, 2016.
This mark-up for Flipkart comes a week after two other US-based mutual funds, Fidelity and Valic, marked down Flipkart’s shares, while another, Vanguard maintained status quo on its holdings.
John Hancock’s holding is much smaller than Fidelity which holds more than 5 lakh shares in Flipkart.
Flipkart has recently raised $1.4 billion from Tencent, Microsoft and eBay that valued the company at $11.6 billion down from its erstwhile peak valuation of $15 billion.
According to reports, Flipkart is also in talks to acquire ecommerce giant Snapdeal in what is tipped to be the biggest deal in the ecommerce space in India.
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