Coca-Cola Eyes December Listing for Indian Bottling Unit
Coca-Cola is considering filing for an initial public offering (IPO) of its Indian bottling unit, Hindustan Coca-Cola Beverages Pvt, in December. The drinks giant is seeking a valuation of about $10 billion through the IPO.
The Atlanta-based company has added Axis Capital Ltd and IIFL Capital Services Ltd to the roster of banks working on the deal, alongside Kotak Mahindra Capital Co, Citigroup Inc, JPMorgan Chase & Co, and Morgan Stanley. The IPO is expected to consist largely of shares sold by existing investors.
The move would help Coca-Cola tap into strong investor demand for new offerings in India, where IPOs have raised almost $10 billion in the July-September quarter. This is the most ever for the quarter, with over $13 billion already raised through nearly 250 IPOs this year, according to Bloomberg data.