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Coca-Cola appoints JPMorgan, Citi for India bottler IPO, sources say
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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 m...