Coca-Cola names JPMorgan, Citi for India bottler IPO, sources say

• Hindustan Coca-Cola Holdings operates 14 bottling plants across 10 Indian states and generated $1.32 billion in revenue with $36 million net profit in 2023
• Kotak and Morgan Stanley were also reportedly appointed as bankers on the IPO, following pitches to Coca-Cola in London earlier this month
• The IPO follows similar moves by Hyundai Motor and LG Electronics to pursue stake sales via Indian IPOs rather than raising fresh capital, driven by India's relatively richer market valuations

Summary

Coca-Cola has appointed JPMorgan and Citi as lead bankers for a planned 2027 initial public offering of its Indian bottling unit, Hindustan Coca-Cola Holdings, according to sources familiar with the matter. Kotak and Morgan Stanley have also been named as bankers on the deal.

Key Details:

• Coca-Cola holds a 60% stake in Hindustan Coca-Cola Holdings, one of several bottlers operating in India
• The bottling unit operates 14 plants across 10 Indian states
• 2023 financial performance: revenue of 127.35 billion rupees ($1.32 billion) and net profit of $36 million
• The company was established in 1997
• IPO valuation and percentage of stake to be sold remain undisclosed

Market Context:

The IPO is part of a broader trend of global companies tapping India's equity markets to monetize investments rather than raise fresh capital. India represents a critical growth market for Coca-Cola. South Korean companies Hyundai Motor and LG Electronics have already pursued similar stake sales through Indian IPOs, attracted by India's relatively higher market valuations compared to their domestic markets.

Timeline:

Bankers pitched for the mandate in London earlier this month in July 2026, with the IPO targeted for 2027.

The move signals Coca-Cola's strategy to unlock value in its Indian operations while maintaining majority control of the bottling business in one of the world's fastest-growing consumer markets.