Coca-Cola mulls $1B IPO for Indian bottling unit, could be largest by an MNC

Global beverage leader Coca-Cola Co. is exploring an initial public offering (IPO) for its Indian bottling subsidiary, Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB). The potential offering could be valued at around $1 billion and may assign a valuation of approximately $10 billion to HCCB. "These discussions are still in the early stages, and the company has not yet appointed bankers for the deal, " a Bloomberg report said.

The IPO could take place as soon as next year, though precise details regarding the timing, structure, and size of the offer are yet to be finalised. A listing would introduce one of the world’s most recognised consumer brands to the Indian stock market, which has witnessed significant activity in recent years with sizable debuts such as Hyundai Motor India and LG Electronics India.

If the planned IPO proceeds, it would mark one of the largest listings by a multinational in India. Coca-Cola’s focus on India is underscored by the country’s status as a pivotal growth market, albeit a highly competitive one. The company faces robust competition from brands such as Mukesh Ambani’s revived Campa Cola, which is rapidly expanding with value-focused offerings and appealing to price-sensitive buyers.

Despite this, HCCB continues to be a significant force, operating 14 manufacturing plants across 12 states and 236 districts and supplying over 2 million retailers. Recent moves include the sale of a minority stake in the bottler's immediate parent, Hindustan Coca-Cola Holdings Pvt. Ltd., to Jubilant Bhartia Group, which is viewed as a step towards strengthening local partnerships and preparing for public listing.

The Indian stock market is on track for a record year in 2025 and with potential listings from Coca-Cola and Reliance Jio Infocomm Ltd., 2026 could see further milestones. As of now, terms such as lot size, minimum investment for investors, precise issue size, allotment and listing dates, and lead managers have not been disclosed. The progress of the IPO will be watched closely by market participants, given its scale and the prominence of the brand.