Leading Indian e-commerce company, Flipkart, is all set to make its debut on the New York Stock Exchange (NYSE) and raise a minimum of USD 5 billion through the Initial Public Offering. Flipkart plans to go public in the coming 18 months. This is touted to be one of the biggest IPO by any Indian business till date, which will lead the company at over USD 30 billion.
The average annual spending on online purchases in India is expected to increase by 67 % in this year, with Flipkart being one of the largest online retail platform, it is going forward with this decision. The founders Sachin and Binny Bansal are in talks with investment banking firms such as Deutsche Bank, Morgan Stanley and Citigroup.
Tiger Global, Flipkart’s biggest investor is also said to be part of the IPO. Tiger Global’s listing in the NYSE market has made it easy for the investment into foreign money markets. The firm has actively participated in previous six rounds of funding. The most recent was USD 700 Million in December 2014. The e-commerce firm has raised a total of USD 2.4 Billion till now so the current project might not be a very difficult one for the e-commerce website.
Flipkart has seen a frantic growth in the past few years. Flipkart offers 20 million products across 70 categories, including books, media, consumer electronics and lifestyle through multiple services such as cash-on-delivery and a 30-day replacement policy. With about 20,000 employees, the e-retailer has 26 million registers users, clocking eight million daily hits and delivers five million shipments per month across the country.
No comments:
Post a Comment