Coca-Cola has appointed JPMorgan and Citi as bankers for the planned 2027 initial public offering (IPO) of its majority-owned Indian bottling partner, Hindustan Coca-Cola Holdings, according to Reuters. The move marks another step in the company’s strategy to unlock value from one of its key growth markets.
The beverage company announced in June that it was preparing for a 2027 listing of Hindustan Coca-Cola Holdings while exploring the sale of a part of its stake. The plan aligns with a broader trend of global companies using India’s equity markets, with firms such as Pernod Ricard and Carlsberg also pursuing similar opportunities.
According to the Reuters report, investment banks presented their proposals to Coca-Cola in London earlier this month, after which JPMorgan and Citi were appointed for the mandate. One of the sources also said Kotak and Morgan Stanley have been selected as bankers for the IPO.
Neither Coca-Cola nor the appointed banks immediately responded to Reuters’ requests for comment. The sources requested anonymity as the matter remains confidential.
The planned IPO adds to a growing list of multinational companies choosing India’s capital markets to monetize existing investments instead of raising fresh capital. Companies such as Hyundai Motor and LG Electronics have also pursued stake sales through Indian IPOs, attracted by stronger market valuations compared to their home markets.
Coca-Cola currently owns a 60% stake in Hindustan Coca-Cola Holdings, one of its key bottling partners in India. Established in 1997, the company operates 14 bottling plants across 10 Indian states. According to the latest available data from company information platform Toefler, Hindustan Coca-Cola Holdings reported revenue of ₹127.35 bn and a net profit of $36 mn in 2023.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.