The four names on the mandate are — Kotak, Morgan Stanley, JPMorgan and Citi, as per sources. As the process moves ahead, more bankers are likely to be appointed, the sources added.
The IPO is likley to be a full offer for sale (OFS), as per sources. This means there would be no fresh issue at all, and only the parent, Coca-Cola, would be participating in the selldown.
The sources said that over time, Coca-Cola is looking at becoming a minority shareholder in HCCH by offloading its stake gradually. This IPO is just the first leg of its journey.
At present, Coca-Cola owns around 60% stake in HCCH. The remaining 40% is held by the Jubilant Bhartia Group, which agreed to buy the stake in December 2024 for roughly ₹12,650 crore. That deal valued the bottler at an enterprise value of about ₹31,250 crore.
Comparing this to the valuation being talked about for the IPO of nearly $10 billion dollars, this is close to a three times re-rating in under two years.
As for the timeline, sources said the IPO process kicks off in the last week of July. So the fizz in India’s cola market is now moving to Dalal Street.
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