Walmart-owned Flipkart is working towards a US listing by 2022, according to a report by The Economic Times.
The e-commerce company’s CEO Kalyan Krishnamurthy has spoken to senior executives about the IPO timeline, sources told the paper.
Krishnamurthy has in the discussions emphasized the need for profitability and compliance before the IPO, the report said.
“In the last two weeks there have been discussions between the Flipkart CEO and his key people to chart out a plan to make the company IPO ready,” a source told the publication.
This website could not independently verify the news.
“We don’t comment on board discussions. However, as we have said before on this issue, an IPO has always been part of Flipkart's ambitions and long-term strategy, but right now we don't have a timeframe on that,” a Flipkart spokesperson told The Economic Times.
Walmart might use the IPO to partially or fully exit its holding in the Indian e-tailer, a source told the publication.
The Bentonville-based retail giant had in May 2018 acquired a 77 percent stake in Flipkart for $16 billion.
In a filing to the US market regulator during the acquisition, Walmart said a Flipkart IPO could take place after four years.
The US listing will also boost liquidity for other existing investors of Flipkart, such as Tencent and Tiger Global.
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