Indian e-commerce major, Flipkart has now started the procedures to launch an IPO (Initial Public Offering) in Nasdaq and hired top auditing firms to look after the process, reported Business Standard today.
The Nasdaq Stock Market is an American stock exchange. Nasdaq is the second-largest exchange in the world by market capitalization, standing behind the New York Stock Exchange.
Flipkart is seeking global investing from top most firms like Tiger global, Accel Partners, GIC and others.
The process would take around 18-24 months time and we can expect the IPO to ground in 2018, the report added.
Flipkart Co-founder Binny Bansal emailed the employees about Flipkart strategy to list in NASDAQ and he is looking forward to seeing this key task is implemented.
On Monday, Flipkart appointed Kalyan Krishnamurthy as CEO and Binny Bansal was appointed as group CEO.
In December, Morgan Stanley slashed the Flipkart Valuation by 38.2 percent to value at $5.54 billion. Morgan Stanley has valued each Flipkart share at $52.13 in September 2016. Flipkart is also witnessing resignations from top level management. It is now interesting to watch out the IPO in Nasdaq