Coca-Cola appoints JPMorgan, Citi for India bottler IPO, sources say
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Coca-Cola Diet Coke cans on display for sale inside a shop in New Delhi, India, April 22, 2026. REUTERS/Bhawika Chhabra
By Vibhuti Sharma and Yantoultra Ngui
MUMBAI, July 20 (Reuters) - Coca-Cola has appointed JPMorgan and Citi as bankers for a planned 2027 initial public offering of one of its majority-owned bottling partners in India, a critical growth market, two sources with direct knowledge of the matter told Reuters.
The beverage giant said in June it was preparing a 2027 listing of its Indian bottling unit, Hindustan Coca-Cola Holdings, and exploring the sale of part of its stake, joining a broader push by global companies such as Pernod Ricard and Carlsberg to tap India's equity markets.
Bankers pitched to Coca-Cola for the mandate earlier this month in London, the two sources said, following which JPMorgan and Citi were appointed. One of the sources said Kotak and Morgan Stanley were also appointed as bankers on the IPO.
The banks and Coca-Cola did not immediately respond to Reuters' requests for comment. The sources declined to be named as the matter is confidential.
The IPO adds to a string of multinational companies turning to Indian equity markets to monetise their investments, rather than raise fresh capital. South Korea's Hyundai Motor and LG Electronics have both pursued stake sales via Indian IPOs, attracted by relatively richer market valuations than in their domestic market.
Coca-Cola holds a 60% stake in Hindustan Coca-Cola Holdings, one of many Coca-Cola bottlers in India. Established in 1997, Hindustan Coca-Cola Holdings operates 14 bottling plants across 10 states in India, and recorded revenue of 127.35 billion Indian rupees ($1.32 billion) and a $36 million net profit in 2023, according to latest available data from company information platform Toefler.
The IPO valuation and what percentage stake will be sold is not yet clear.
($1 = 96.4450 Indian rupees)
(Reporting by Vibhuti Sharma in Mumbai; Editing by Aditya Kalra and Susan Fenton)
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