Coca-Cola gears up for IPO of US$8 billion African bottling arm
It may seek a valuation of more than US$8 billion for the business, the report said, adding that the deliberations were at an early stage and the offering details could chang
Coca-Cola is gearing up for a potential initial public offering (IPO) of its African bottling business as soon as next year, Bloomberg News reported on Monday, citing people familiar with the matter.
It may seek a valuation of more than US$8 billion for the business, the report said, adding that the deliberations were at an early stage and the offering details could change.
Coca-Cola declined to comment on the news, when contacted by Reuters.
Last year, the company had noted during its third-quarter earnings it remains committed to listing Coca-Cola Beverages Africa (CCBA) as a public company once market conditions become more favourable.
The company in 2021 had said it was planning to list CCBA in 18 months, with primary listing in Amsterdam and a secondary listing on the Johannesburg Stock Exchange (JSE).
In 2022, Coca-Cola delayed plans of an estimated US$3 billion IPO of CCBA, due to turbulence in the market mainly rising from the Russia-Ukraine war, which had resulted in shaky investor confidence and a dry spell for IPOs globally.
If listed, the flotation of the division would have been the biggest on the JSE since at least 2016 and a major boost for the flagging index.
U.S. stocks finished higher on Monday with sharp gains for Tesla and Apple leading the way, as investors awaited the Federal Reserve’s policy meeting later this week and its outlook for interest rates.
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