Coca-Cola is exploring the possibility of an Initial Public Offering (IPO) for its Indian bottling subsidiary, Hindustan Coca-Cola Beverages (HCCB), which could raise about USD 1 billion, Bloomberg reported.
The Atlanta-based beverages major has reportedly held preliminary discussions with investment bankers to evaluate a potential listing that could value the bottling business at around USD 10 billion. However, no formal mandate has yet been issued, and the deliberations remain at an early stage.
If the plan proceeds, the IPO could materialise next year, though finer details regarding timing, structure, and valuation are still under consideration, as per Bloomberg reports.
A potential listing of HCCB would bring another major global brand to India’s buoyant primary market, which is poised for record fundraising this year and is expected to sustain momentum into 2026. Alongside Coca-Cola, large offerings such as Mukesh Ambani’s Reliance Jio Infocomm are likely to further bolster investor appetite.
The move would place Coca-Cola among a growing cohort of multinational corporations seeking to list their Indian arms. Recent examples include LG Electronics' USD 1.3 billion IPO earlier this month and Hyundai Motor's landmark USD 3.3 billion offering last year.
India remains one of Coca-Cola’s most significant growth markets, though the company faces increasing competition from domestic players such as Ambani’s revived Campa Cola brand, which has been expanding its footprint with aggressively priced 200-ml bottles retailing at just Rs 10.
Headquartered in Bengaluru, HCCB serves more than two million retailers and employs over 5,200 people. It operates 14 manufacturing facilities across 12 states and 236 districts in southern and western India. Recently, Coca-Cola divested a minority stake in HCCB’s parent firm, Hindustan Coca-Cola Holdings to the diversified Indian conglomerate Jubilant Bhartia Group, signalling a calibrated realignment of its strategy in one of its most dynamic global markets.
(With Bloomberg inputs) |
