Coca-Cola Eyes $1 Billion Indian Bottling Unit IPO in December
Coca-Cola is weighing up an initial public offering (IPO) for its Indian bottling unit, Hindustan Coca-Cola Beverages Pvt. The Atlanta-based drinks giant is considering filing a draft prospectus in December for the IPO, which could raise around $1 billion.
The IPO will consist largely of shares sold by existing investors, with Coca-Cola seeking a valuation of about $10 billion. Deliberations are ongoing, so details including the timing, valuation and structure of the offering may change.
Coca-Cola is working with a team of banks, including Kotak Mahindra Capital Co., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley on the IPO. The company has also added Axis Capital Ltd. and IIFL Capital Services Ltd. to the roster of banks working on the deal.