Coca-Cola eyes $1 billion IPO for Indian bottling unit

Coca-Cola Co. has invited investment banks to pitch for roles on the planned initial public offering of its Indian bottling unit in a deal that could raise about $1 billion (approximately Rs 9,500 crore), according to people familiar with the matter.

The presentations are scheduled to take place in London next week, where Rothschild & Co., the company’s adviser on the transaction, will meet prospective banks for the proposed listing of Hindustan Coca-Cola Beverages Pvt., the people said, asking not to be identified because the discussions are private.

The Atlanta-based beverage maker is seeking a valuation of about $10 billion for its Indian bottling business, the people said.


Deliberations are ongoing, and details including the timing, size, valuation and structure of the IPO could still change, the people said.

Representatives for Coca-Cola and Rothschild & Co. didn’t immediately respond to a request for comment.

The listing would add to a growing pipeline of multinational companies monetizing their Indian businesses through public markets to capitalize on strong domestic investor demand. Last year, LG Electronics Inc. listed its Indian unit, while in 2024 Hyundai Motor Co. raised about $3.3 billion in the country’s largest-ever IPO.

Hindustan Coca-Cola is one of India’s largest soft-drink bottlers, serving more than 1.7 million retail outlets and employing over 5,000 people, according to its website. Headquartered in Bengaluru, the company operates 14 manufacturing plants across 12 states and supplies products across 236 districts in southern and western India.

Coca-Cola sold a minority stake in Hindustan Coca-Cola Beverages to India’s Jubilant Bhartia Group last year as part of its strategy to bring in a local strategic partner while continuing to expand in one of its fastest-growing markets.