(Reuters) -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 $8 billion for the business, the report said, adding that the deliberations were at an early stage and the offering details could change.
In 2022, Coca-Cola had delayed plans of an estimated $3 billion IPO of the African bottling unit, Coca-Cola Beverages Africa (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.
The company in 2021 had said it was planning to list CCBA in 18 months, depending on market conditions, with primary listing in Amsterdam and a secondary listing on the Johannesburg Stock Exchange (JSE).
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.
The company did not immediately respond to a Reuters request for comment.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh Kuber)
