Walmart Confirms IPO Plans For Indian E-Commerce Arm

Walmart Inc WMT, confirming the initial public offering plans for its Indian arm Flipkart, said the company has managed to live up to its expectations ever since it took over the business four years ago.

What Happened: Speaking at the Baird 2022 Global Consumer, Technology & Services Conference, Walmart International CEO and president Judith McKenna confirmed that the company is eyeing U.S. bourses for its IPO. However, without revealing more details, she said Flipkart will go public "when the time is right for it."

See Also: Walmart Expands Transportation Partnerships To Reduce Emissions

"And when the time is right will depend on a number of factors, not least the market, but also the business performance. They've hit our deadlines. We wouldn't have invested if we didn't believe they could become profitable in the longer term, and we continue on track for that," McKenna added.

She further added that India is Walmart's biggest market in terms of advertising revenue, and the retailer is looking at leveraging its advertising technology in other markets.

"In fact, one of the markets that we are using them for is Chile. They're building out our ad tech platform for Chile, which is a really interesting development for them."

According to McKenna, Flipkart's American parent is confident that it will hit profitability.

Walmart currently holds a 72% stake in Flipkart. It made the acquisition at a valuation of $16 billion in 2018, which has now more than doubled to $37.6 billion.

Price Action: According to data from Benzinga Pro, Walmart shares traded 0.41% higher in the premarket session on Thursday.

Read Next: Alibaba Could Suffer Fallout From Mysterious Disappearance Of 'Lipstick King'

Posted In: EurasiaFlipkartIndiaJudith McKennaNewsIPOsGlobalTech

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.