Coca-Cola's Indian Bottling Arm Eyes $1 Billion IPO
Coca-Cola's Indian bottling business is reportedly considering an initial public offering (IPO), potentially valuing the company at around $10 billion. The proposed issue could raise up to $1 billion, with existing investors likely selling shares. According to Bloomberg, Coca-Cola is weighing a December filing for the IPO, but the timing and valuation remain under discussion.
The company has expanded its banking group for the planned IPO, adding Axis Capital Ltd. and IIFL Capital Services Ltd. to the roster. The current list of investment banks working on the offering includes Kotak Mahindra Capital Co., Citigroup Inc., JPMorgan Chase & Co., and Morgan Stanley.
The strong Indian IPO market has seen companies raise nearly $10 billion between July and September, with Hindustan Coca-Cola Beverages' listing expected to give Coca-Cola access to India's public markets. However, the exact timing, valuation, and structure of the offering are not final and could change.