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Breakingviews - U.S. SPACs are a first step for Asian tech giants

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From Breakingviews: Walmart’s Flipkart is mulling a U.S. debut via a blank-cheque firm. Other issuers in emerging Asia are eyeing dual listings to stay close to home. Complex structures will materialize sooner rather than later, writes sharonlamhk

Flipkart's Chief Executive Officer Kalyan Krishnamurthy addresses the media at a news conference in New Delhi, India, April 17, 2018. REUTERS/Saumya Khandelwal

Companies from India and Indonesia with a combined mooted valuation of at least $55 billion have been linked to acquisitions by U.S. SPACS in the past few months, Breakingviews calculates. Indonesian candidates include online travel startup Traveloka, e-commerce firm Bukalapak and SoftBank-backed Tokopedia. Some, like Flipkart, were already eying initial public offerings – and SPACs provide a way to achieve the goal faster.

 

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