Indian online retailer Flipkart is planning to list itself in the U.S. in the next 18 months to raise about $5 billion, Times of India, a local newspaper, reported
on Thursday, citing investment bankers it didn’t name, adding that a
final figure for the actual share sale hasn’t been arrived at yet.
The deal, if it comes through, would be the largest listing
by an Indian company, valuing Flipkart at between $25 billion and $35
billion, depending on the final amount raised, the newspaper said. A
marquee list of Wall Street banks are said to be in talks with the
e-commerce firm to win the mandate to run the listing.
Flipkart declined to comment in an email response to a query by International Business Times.
Eight-year-old Flipkart, whose largest shareholder is
New York-based private equity company Tiger Global Management LLC,
has privately raised about $2.7 billion in multiple rounds of funding,
as it moves to expand in a market with intense competition from
Amazon.com as well as local rivals such as Snapdeal.
At the time of its most recent funding round, in which it raised $700 million,
Flipkart said it had applied to be converted into a public company in
Singapore in accordance with the rules there, adding the change
shouldn’t be construed as an indication the company was seeking an IPO.
The round saw more investors taking a bet on Flipkart,
including Baillie Gifford, Greenoaks Capital, Steadview Capital, T. Rowe
Price Associates and Qatar Investment Authority. Other existing
investors include DST Global, GIC and ICONIQ Capital.
Last year Amazon’s founder Jeff Bezos said his company
would spend $2 billion in expanding operations in India. Snapdeal has
also raised funds from investors including Japan’s SoftBank Corp. as India’s growing number of online shoppers propel investors to bet on startups.
China's Alibaba Group Holding Ltd. has also made an entry into India, reportedly investing
in mobile payment platform startup Paytm, allowing Chinese consumers to
shop for Indian goods and Indian buyers to pay for their purchases on
Alibaba using Paytm.
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