Coca-Cola To Offer IPO For African Bottling Division

Initial reports suggest that it could be valued at $8bn, but the company hasn’t officially commented on the matter, and negotiations are said to be at a very early stage.

The IPO for Coca-Cola Beverages Africa (CCBA) could take place as early as 2025. Coca-Cola noted in its earnings report for Q3 2023 that it is still committed to listing the African business when the market conditions are right.

In 2021, the company looked at carrying out the CCBA IPO in 2022 or the following year. Plans were in place at that point to have the primary listing on the Amsterdam Stock Exchange, with a secondary listing taking place on the Johannesburg Stock Exchange.

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Jacques Vermeulen, LinkedIn

The company planned to raise a total of $3bn at that time, but market uncertainty and low investor confidence meant that it called a halt to those plans. If the CCBA listing goes ahead as planned, then it will be the biggest new listing on the Johannesburg Stock Exchange for several years and could give the exchange a major boost.

Last year, CCBA chief executive officer Jacques Vermeulen said:

Globally, very few IPOs are coming to the market because these are clearly not the right conditions.

Vermeulen told the Africa Report that they were waiting for the market to stabilise before proceeding with the IPO.