Walmart CFO says U.S. IPO still on the cards for Flipkart
Walmart is confident that Flipkart is on the path to profitability and still aims to launch its initial public offering in the U.S. but has not set a specific timeline for the IPO.
“The business is performing almost exactly like we thought it would,” said Walmart’s chief financial officer Brett Biggs, about Flipkart at the recent the Morgan Stanley Global Consumer and Retail Conference, ET Bureau reported.
“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.”
Walmart, which acquired Flipkart three years ago, plans to continue to invest in Flipkart to push it towards profitability. The business, which was previously expected to launch Flipkart’s IPO in the U.S. in the fourth quarter of the 2021 calendar year, may not list for another year at least as it works to ameliorate the business’ finances to make its IPO more successful.
“An 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,” said Biggs. “And nothing about that has changed.”
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