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Coca-Cola plans $1B IPO for Indian unit
What’s the story
Coca-Cola is mulling a $1 billion initial public offering (IPO) for its Indian bottling subsidiary, Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB), according to Bloomberg.
The move could value the unit at around $10 billion.
The company has recently held discussions with bankers about this potential IPO, which could take place next year if everything goes according to plan.
HCCB caters to over 2 million retailers
Coca-Cola’s Indian bottler caters to more than two million retailers and employs over 5,200 people.
The Bengaluru-based company operates 14 manufacturing plants across 12 states and 236 districts in southern and western India.
Despite being one of Coca-Cola’s biggest markets, India has seen increased competition in recent years with the entry of local brands like Mukesh Ambani’s Campa Cola.
Coca-Cola sold minority stake to Jubilant Bhartia Group
Recently, Coca-Cola sold a minority stake in Hindustan Coca-Cola Holdings Pvt., the immediate parent of its Indian bottler, to Jubilant Bhartia Group.
Despite these challenges, Coca-Cola remains committed to its Indian operations and is exploring options like an IPO.
Coca-Cola would follow the growing trend of global firms listing their Indian subsidiaries, similar to LG Electronics’ $1.3 billion IPO this month and Hyundai Motor’s record $3.3 billion listing last year.
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