Walmart begins work on $10 billion Flipkart listing

Walmart Inc. has hired Goldman Sachs to explore an initial share sale of its Flipkart unit in the US to raise around $10 billion, two people directly aware of the development said.

The Bentonville, Arkansas-based Walmart is planning to sell around 25% in India’s largest online retailer, the people said, requesting anonymity.

“Work on the IPO (initial public offering) is on in full swing and the advent of the pandemic has only hastened the process, given the spectacular surge in demand on e-commerce platforms,” said one of the two people cited above.