Refresco plots potential IPO at $10 billion-plus valuation, sources say
KKR•Refresco and owner KKR have taken pitches from banks for a potential IPO that could value the beverage maker at more than $10 billion and take place in the United States or Europe. The plans are preliminary and could change.
1. IPO plans take shape
Refresco and KKR took pitches from investment banks in recent weeks for roles on a potential initial public offering. The listing could take place in the United States or Europe, with a valuation likely above $10 billion, sources said.
2. Company operations and finances
KKR acquired Refresco in 2022 for roughly $8 billion. Founded in 1999 and headquartered in Rotterdam, the company has 85 production facilities across North America, Europe and Australia, and works with retailers and branded beverage companies. Refresco generated close to $7 billion in revenue and around $930 million in adjusted EBITDA in 2025, according to its annual report.
3. IPO market context
The U.S. IPO market raised nearly $140 billion through traditional IPOs so far in 2026, but volatility, higher bond yields and concerns about rate hikes and artificial intelligence spending have threatened the expected fall IPO season. Several companies have delayed planned listings in recent weeks.
