Coca-Cola Prepares India IPO for $10 Billion Valuation

Coca-Cola is considering filing draft papers for an initial public offering (IPO) of its Indian bottling unit in December, according to sources familiar with the matter. The Atlanta-based drinks giant has added Axis Capital Ltd. and IIFL Capital Services Ltd. to the list of banks working on the Hindustan Coca-Cola Beverages Pvt deal.

The IPO is expected to consist largely of shares sold by existing investors, with Coca-Cola seeking a valuation of about $10 billion. This comes as investor demand for new offerings in India remains strong, with proceeds from IPOs reaching almost $10 billion in July-September, the most ever for the quarter.