Coca-Cola Co. is reportedly evaluating plans to list its Indian bottling subsidiary, Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB), in what could be one of India’s largest beverage sector IPOs. According to people familiar with the matter, the offering could raise close to $1 billion and value the company at around $10 billion.
Discussions with investment bankers have taken place in recent weeks, though the beverage giant has yet to appoint advisors for the transaction. If approved, the public listing could take shape sometime in 2026. Sources cautioned that the structure, timing, and size of the deal remain under consideration as deliberations continue. Coca-Cola has not issued an official comment.
A potential listing of HCCB would mark a major milestone for the Atlanta-based company’s India operations, which have grown to become one of its largest international markets. The move would also align Coca-Cola with a rising trend of global corporations tapping India’s robust IPO market. Over the past year, several multinational firms, including Hyundai Motor and LG Electronics, have listed their Indian arms, raising $3.3 billion and $1.3 billion respectively.
India’s IPO pipeline remains strong, buoyed by strong retail participation and a surge of domestic liquidity. A Coca-Cola listing would likely attract significant investor interest, given the company’s deep retail penetration across India. HCCB currently serves more than 2 million retailers and operates 14 bottling plants across 12 states, employing over 5,000 people.
However, Coca-Cola faces mounting competition in the Indian beverage market, particularly from Reliance Industries’ Campa Cola, which has been expanding aggressively with its value-priced offerings.
Recently, Coca-Cola also sold a minority stake in Hindustan Coca-Cola Holdings Pvt. Ltd., HCCB’s parent company, to the Jubilant Bhartia Group — a move analysts see as part of a broader effort to localize ownership ahead of a potential market debut.
