Coca-Cola Lines Up $1 Billion IPO for Indian Bottling Unit

Coca-Cola Co. is gearing up for a major initial public offering (IPO) of its Indian bottling subsidiary, Hindustan Coca-Cola Beverages (HCCB), targeting roughly $1 billion (about ₹9,027 crore) in equity capital, according to people familiar with the matter.

The global beverages giant has engaged prominent investment banks, including Kotak, HDFC Group and Citibank, to advise on the planned listing, marking a strategic push into India’s increasingly dynamic capital markets.

The proposed IPO is expected to take place during 2026, subject to market conditions and regulatory approvals. Coca-Cola’s India arm aims to leverage the country’s robust equity market and growing investor appetite for large consumer sector offerings, following recent high-profile listings in the country.

HCCB, one of Coca-Cola’s key franchise operations globally, manages production, packaging and distribution of popular brands such as Coca-Cola, Thums Up, Sprite, Maaza and other beverages across India. The bottler operates multiple facilities nationwide and serves a vast retail network.

Market watchers note that if completed, the HCCB IPO could value the business at nearly $10 billion, reflecting investor confidence in India’s consumer goods segment and the growth potential of Coca-Cola’s local operations.

The listing also aligns with Coca-Cola’s broader strategy to deepen its footprint in one of its fastest-growing markets while capitalising on India’s vibrant primary markets, where several multinational subsidiaries have recently debuted or planned large public offerings.