Coca-Cola weighs $1 billion IPO of Indian bottling unit

Coca-Cola Co. is considering taking its Indian bottling unit public in a deal that may fetch $1 billion, according to people familiar with the matter.

The company has met with bankers in recent weeks to discuss the possible initial public offering of Hindustan Coca-Cola Beverages Pvt., which would value the unit at about $10 billion, according to the people, who asked not to be identified discussing a private matter. It’s still early in the process and the company hasn’t hired bankers for the deal

yet, according to the people.

The deal would probably occur next year if it goes ahead, according to one of the people. Deliberations are ongoing so details such as the timing, structure, and size of the offering could still change, according to the people. A representative for Coca-Cola didn’t respond to requests for comment.

The deal would bring one of the world’s best-known brands to India’s hot IPO market, which is on track for a record month and possibly have its best year ever in 2025. With offerings such as Coca-Cola and Mukesh Ambani’s Reliance Jio Infocomm Ltd. coming up, 2026 is shaping up to be another banner year.

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Coca-Cola would join the rising trend of global companies listing their Indian units, as was recently the case with LG Electronics Inc.’s $1.3 billion IPO this month and Hyundai Motor Co.’s record-breaking $3.3 billion listing last year.

Though India is one of Coca-Cola’s biggest markets, it’s been facing increased competition there in recent years, especially from Ambani’s Campa Cola, which is quickly gaining market share with 200-milliliter bottles priced as low as 10 rupees (11 cents).

Coca-Cola’s Indian bottler serves over 2 million retailers and employs more than 5,200 people, according to its website. Headquartered in Bengaluru, the company operates 14 manufacturing plants across 12 states and 236 districts in southern and western India.

The Atlanta-based beverage giant recently sold a minority stake in the Indian bottler’s immediate parent, Hindustan Coca-Cola Holdings Pvt., to Jubilant Bhartia Group, a local diversified conglomerate.