The beverage big stated in June it was making ready a 2027 itemizing of its Indian bottling unit, Hindustan Coca-Cola Holdings, and exploring the sale of a part of its stake, becoming a member of a broader push by international firms akin to Pernod Ricard and Carlsberg to faucet India’s fairness markets.
Bankers pitched to Coca-Cola for the mandate earlier this month in London, the 2 sources stated, following which JPMorgan and Citi have been appointed. One of many sources stated Kotak and Morgan Stanley have been additionally appointed as bankers on the IPO.
The banks and Coca-Cola didn’t instantly reply to Reuters’ requests for remark. The sources declined to be named because the matter is confidential.
The IPO provides to a string of multinational firms turning to Indian fairness markets to monetise their investments, fairly than increase contemporary capital. South Korea’s Hyundai Motor and LG Electronics have each pursued stake gross sales through Indian IPOs, attracted by comparatively richer market valuations than of their home market.
Coca-Cola holds a 60% stake in Hindustan Coca-Cola Holdings, considered one of many Coca-Cola bottlers in India. Established in 1997, Hindustan Coca-Cola Holdings operates 14 bottling vegetation throughout 10 states in India, and recorded income of 127.35 billion Indian rupees ($1.32 billion) and a $36 million web revenue in 2023, in accordance with newest obtainable information from firm data platform Toefler.
The IPO valuation and what number stake might be offered isn’t but clear.
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