Coca-Cola Eyes $1 Billion India Unit IPO as Investor Demand Surges
Coca-Cola is reportedly considering filing for an initial public offering (IPO) of its Indian bottling unit, Hindustan Coca-Cola Beverages Pvt, in December. The Atlanta-based drinks giant plans to raise around $1 billion through the IPO, which will consist mainly of shares sold by existing investors.
The company aims to seek a valuation of about $10 billion for the Indian unit, according to people familiar with the matter. This move comes as India is experiencing strong investor demand for new offerings, with proceeds from IPOs in the country reaching almost $10 billion in July-September this year.
Coca-Cola has added Axis Capital Ltd. and IIFL Capital Services Ltd. to the list of banks working on the deal, which also includes Kotak Mahindra Capital Co., Citigroup Inc., JPMorgan Chase & Co., and Morgan Stanley.