Coca-Cola Co is considering filing a draft prospectus in December for an initial public offering (IPO) of its Indian bottling unit, people familiar with the matter told Bloomberg.
The Atlanta-based drinks giant has also added Axis Capital Ltd and IIFL Capital Services Ltd to the roster of banks working on the Hindustan Coca-Cola Holdings Pvt Ltd deal, the report said, citing the same sources.
It currently holds a 60% stake in Hindustan Coca-Cola Holdings (HCCH) after Indian conglomerate Jubilant Bhartia Group completed the purchase of a 40% stake in the bottler in 2025.
HCCH and its operating subsidiary Hindustan Coca-Cola Beverages (HCCB) were established in 1997 and, as of March 31, operated a network of more than 2,000 distributors and reached over 1.7 million customers. HCCB operates 14 bottling plants across 10 states in India and works with eight co-packers.
HCCB prepares, packages, distributes and sells both sparkling and still beverages, including Coca‑Cola, Thums Up, Sprite, Fanta, Limca, Maaza, Minute Maid and others, and is the market leader in non-alcoholic ready-to-drink beverages in the territory in which it operates.
The IPO is expected to consist largely of shares sold by existing investors, with Coca-Cola seeking a valuation of about $10 billion, the people said. Bloomberg News has previously reported that the IPO could raise around $1 billion.
Deliberations are ongoing, so details, including the timing, valuation, and structure of the offering, may change. Representatives for Coca-Cola and the banks did not immediately respond to Bloomberg’s requests for comment.
India’s IPO market stays strong despite secondary market weakness
A listing would help Coca-Cola tap strong investor demand for new offerings in India while unlocking value from one of the country’s largest bottling operations.
While the secondary market is reeling under significant selling pressure, primary market activity remains robust, with companies lining up to list their stocks on exchanges.
Proceeds from IPOs in India have reached almost $10 billion in July-September—the highest ever for the quarter—thanks to blockbuster offerings by National Stock Exchange of India Ltd. and SBI Funds Management Ltd.
So far in 2026, 220 companies across the mainboard and SME segments have successfully listed their shares on stock exchanges, adding to the size of the Indian stock market. This follows a record 376 listings in 2025.
Of all the IPOs that have listed in 2026, 136 stocks are trading in profit, while 84 are in the red, reflecting an overall average gain of 27.71%, Trendlyne data showed.
(Disclaimer: The promoters of HT Media Ltd, which publishes Mint, and Jubilant Bhartia Group are closely related. There are, however, no promoter crossholdings.)
