Foreign parents cash out via India IPOs: PhonePe, Coca-Cola bottler, Carlsberg line up $26B in OFS exits
Global firms have repatriated ~$5B since 2024 using India's IPO boom as an exit route rather than fundraising vehicle. Walmart's $1B PhonePe float, MTG's $335M gaming spin-off, plus Coca-Cola and Carlsberg India listings are routed as offers-for-sale, pressuring a rupee already down 13% amid $23B FPI outflows YTD.
Foreign parents are using India IPOs as offer-for-sale exits rather than fundraising, repatriating ~$5B since 2024. Upcoming OFS-route listings include Walmart's PhonePe ($1B), Coca-Cola's bottler, Carlsberg India, and MTG's gaming unit, pressuring the rupee.