Key facts
- Coca-Cola has appointed JPMorgan and Citi as bankers for a planned 2027 IPO of Hindustan Coca-Cola Holdings.
- Kotak and Morgan Stanley have also been appointed as bankers for the IPO.
- Hindustan Coca-Cola Holdings is a majority-owned bottling partner of Coca-Cola in India.
- The company recorded revenue of 127.35 billion Indian rupees ($1.32 billion) in 2023.
- The company recorded a net profit of $36 million in 2023.
Coca-Cola has selected JPMorgan and Citi to lead the initial public offering of its Indian bottling subsidiary, Hindustan Coca-Cola Holdings, with the listing anticipated in 2027. This strategic move aligns with a broader trend of multinational corporations leveraging India's burgeoning equity markets to divest stakes and realize value.
Bankers from JPMorgan and Citi, along with Kotak and Morgan Stanley, were appointed following pitches made earlier this month in London. Coca-Cola announced in June its intention to list the Indian unit, signaling a significant step in monetizing its presence in a key growth market.
Hindustan Coca-Cola Holdings, in which Coca-Cola holds a 60% stake, operates 14 bottling plants across 10 Indian states. The company reported revenues of 127.35 billion Indian rupees ($1.32 billion) and a net profit of $36 million in 2023, according to data from Toefler. The specific valuation and percentage of stake to be sold in the IPO remain undetermined.