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    8473   JP3436120004

SBI HOLDINGS, INC.

(8473)
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Walmart's Flipkart raises fresh funds for $38 billion valuation as IPO looms

07/12/2021 | 02:37am EDT

BENGALURU, July 12 (Reuters) - Walmart Inc-owned Flipkart on Monday ushered back SoftBank Group Corp as an investor in a $3.6 billion funding round, doubling the Indian online retailer's valuation to $37.6 billion in less than three years and ahead of its expected market debut.

The U.S. retail giant bought a 77% stake in Flipkart <IPO-FLPK.N> for $16 billion in 2018 and since then has expanded to small towns and cities, added more items such as furniture and grocery to its online store and increased its warehouses in its race with Amazon.com's India unit.

The Bengaluru-based company is aiming for a $50 billion valuation for its public listing as early as this year and was in talks in the United States for a deal with a blank-check firm, Reuters reported in March.

About $800 million of the latest funding came from the Canada Pension Plan Investment Board. GIC, SoftBank Vision Fund 2 and Walmart were also among the lead investors.

"SoftBank's re-investment in Flipkart is driven by our experience with and conviction in the company's management team to continue addressing the needs of the Indian consumer in the decades to come," Lydia Jett, partner at SoftBank Investment Advisers, said.

SoftBank had sold its roughly 20% stake to Walmart as part of the 2018 deal.

Like Amazon, Flipkart began by selling books but diversified rapidly into selling smartphones, clothing and other items. It has benefited from India's rapid smartphone adoption and cheap mobile data that helped propel growth at digital startups.

The new capital will be used to expand operations and invest further in the company's grocery, fashion and last-mile delivery programs, Flipkart said, adding it currently has more than 350 million registered users.

"It is a triumph for Walmart as investors were initially skeptical of the U.S. retailer's tie-up with Flipkart," said Jason Benowitz, senior portfolio manager at Roosevelt Investment Group.

He added the success of Flipkart bolsters India as a destination for foreign investment.

Several Indian startups have spelt out plans to go public to cash in on liquidity by foreign funds. Some closely watched include food delivery startup Zomato, payments services Paytm, beauty brand Nykaa and ride-hailing service Ola.

Twenty-two companies have debuted this year as of July 9. There were $3.6 billion worth of IPOs in India in the first half of 2021, up from $1.1 billion at the same time last year, according to Refinitiv data.

The level so far this year is the highest since 2008. (Reporting by Vishwadha Chander and Uday Sampath in Bengaluru; Editing by Arun Koyyur and Sriraj Kalluvila)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.74% 3462.52 Delayed Quote.6.72%
SBI HOLDINGS, INC. 0.35% 2833 End-of-day quote.15.77%
SOFTBANK GROUP CORP. 1.82% 6661 End-of-day quote.-17.34%
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Financials
Sales 2022 481 B 4 372 M 4 372 M
Net income 2022 71 211 M 647 M 647 M
Net Debt 2022 614 B 5 583 M 5 583 M
P/E ratio 2022 9,51x
Yield 2022 4,41%
Capitalization 692 B 6 298 M 6 291 M
EV / Sales 2022 2,72x
EV / Sales 2023 2,77x
Nbr of Employees 9 209
Free-Float 98,4%
Chart SBI HOLDINGS, INC.
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SBI Holdings, Inc. Technical Analysis Chart | 8473 | JP3436120004 | MarketScreener
Technical analysis trends SBI HOLDINGS, INC.
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Mean consensus BUY
Number of Analysts 5
Last Close Price 2 833,00 JPY
Average target price 3 166,00 JPY
Spread / Average Target 11,8%
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Managers and Directors
Yoshitaka Kitao President, CEO & Director
Shumpei Morita Senior MD, Head-Finance & Accounting
Katsuya Kawashima COO, Representative Director & Vice President
Masayuki Yamada Director, Manager-Compliance & Legal Affairs
Teruhide Sato Independent Outside Director
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