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

Coca-Cola has appointed JPMorgan and Citi as bankers for the planned 2027 IPO of its Indian bottling unit Hindustan Coca-Cola Holdings, with Kotak and Morgan Stanley also joining the mandate. Coca-Cola holds a 60% stake in the entity, which operates 14 bottling plants across 10 states and recorded revenue of Rs 127.35 billion ($1.32 billion) with a $36 million net profit in 2023. The move adds to a wave of multinationals such as Hyundai, LG Electronics, Pernod Ricard and Carlsberg monetising investments through Indian equity markets.