Flipkart could raise as much as $3.75 billion before an IPO likely in 2022.

Abu Dhabi’s sovereign wealth fund ADQ may invest as much as $ 500 million in Walmart-backed (NYSE: WMT) Indian e-commerce site Flipkart, according to Bloomberg. The investment could value Flipkart between $ 35 billion and $ 40 billion according to sources knowledgeable of the matter. (Mint)

Investors showing interest in Flipkart

Flipkart is working on an IPO that could fructify as early as 2022.

Flipkart is looking to raise as much as $ 3 billion before the upcoming IPO, but it could ultimately end up raising as much as $ 3.75 billion given the keen interest shown by investors.

Earlier in June Bloomberg reported that investors in the pre-IPO fundraising could include SoftBank Group Corp., Singapore’s GIC Pte, the Canada Pension Plan Investment Board, and the Abu Dhabi Investment Authority, another of the Emirate’s wealth funds.

However, ADQ’s investment is still under discussion and there is no guarantee that it will materialise.

ADQ

ADQ is the third largest of Abu Dhabi’s sovereign funds, managing about $ 110 billion in assets. ADIA has roughly $ 700 billion, while Mubadala Investment Co. with a portfolio worth about $230 billion, are the other two state investors.

Established in 2018, ADQ was previously known as Abu Dhabi Development Holding Company.

It is now one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.

According to its website, ADQ has direct and indirect investments in more than 90 companies.

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