The company had said in 2021 that it planned to take CCBA public within 18 months, with a primary listing in Amsterdam and a secondary listing on the Johannesburg Stock Exchange (JSE).
Coca-Cola is gearing up for a possible initial public offering (IPO) of its African bottling plant as soon as next year, Bloomberg News reported Monday, citing people familiar with the matter.
It could seek a valuation of more than $8 billion for the company, the report said, adding that deliberations were at an early stage and details of the offer could change.
Coca-Cola declined to comment on the news when contacted by Reuters.
Last year, the company noted during its third quarter results that it remains committed to listing Coca-Cola Beverages Africa (CCBA) as a publicly traded company once market conditions become more favorable.
The company had said in 2021 that it planned to take CCBA public within 18 months, with a primary listing in Amsterdam and a secondary listing on the Johannesburg Stock Exchange (JSE).
In 2022, Coca-Cola postponed plans for an IPO of CCBA worth an estimated $3 billion, due to market turbulence mainly resulting from the war between Russia and Ukraine, which had resulted in shaky investor confidence and a dry period for IPOs worldwide.
If listed, the division’s IPO would have been the largest on the JSE since at least 2016 and a major boost for the flagging index.
First print: April 29, 2024 | 11:36 PM IST