Coca-Cola is reportedly accelerating plans for the initial public offering (IPO) of its Indian bottling arm, Hindustan Coca-Cola Beverages (HCCB), in a deal that could raise around $1 billion and value the business at nearly $10 billion, according to people familiar with the matter.
According to a Bloomberg report cited by multiple publications, the Atlanta-headquartered beverage company has invited leading investment banks to pitch for advisory roles on the proposed IPO. The presentations are expected to take place in London, where Rothschild & Co., Coca-Cola’s adviser on the transaction, will meet prospective bankers for the listing process.
The proposed listing is expected to be one of the largest IPOs by a multinational corporation in India in recent years and underscores Coca-Cola’s long-term commitment to one of its fastest-growing markets. While the company has not officially announced the final issue size or timeline, it has previously confirmed that it is exploring a 2027 listing for its Indian bottling business on the BSE and the National Stock Exchange (NSE).
HCCB is Coca-Cola’s largest bottling partner in India and is responsible for manufacturing, packaging, distributing and selling beverages including Coca-Cola, Thums Up, Sprite, Fanta, Maaza, Kinley and Minute Maid. Established in 1997, the company operates 14 bottling plants across 10 states, serving millions of retail outlets nationwide.
The development also follows Coca-Cola’s restructuring of its India operations. In 2025, the company sold a 40% stake in Hindustan Coca-Cola Holdings to the Jubilant Bhartia Group, while retaining a majority 60% stake. Coca-Cola has stated that it intends to remain a long-term investor in the bottling business even after the proposed IPO, while continuing to focus on expanding its portfolio of global and local beverage brands in India.
India has emerged as one of Coca-Cola’s most important growth markets globally. The company reported record sales of ₹50 billion during FY25, its highest level in at least four years, driven by strong demand across its beverage portfolio and continued investments in manufacturing and distribution.
