Coca-Cola India IPO: Company May File Draft Papers For $1 Billion Issue In December
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Hindustan Coca-Cola Beverages is being lined up for a potential public listing as Coca-Cola weighs a December draft filing. The proposed transaction could make the bottling arm one of the larger consumer IPOs in India’s upcoming pipeline.
Coca-Cola is considering filing draft papers in December for the proposed IPO of its Indian bottling business, Hindustan Coca-Cola Beverages, according to people familiar with the matter.
The potential IPO could raise around $1 billion and value the bottling business at about $10 billion, reports said. The proposed issue is expected to largely involve an offer for sale (OFS) by existing investors.
Coca-Cola has also added Axis Capital and IIFL Capital Services to the banks advising on the proposed transaction, according to the reports. The company is already working with Kotak Mahindra Capital, Citigroup, JPMorgan and Morgan Stanley on the potential listing.
The discussions are ongoing and details such as the timing, valuation and structure of the IPO could change.
Coca-Cola India IPO Details
The proposed listing involves Hindustan Coca-Cola Beverages, the parent company's largest bottling business in India.
Coca-Cola currently holds a 60% stake in Hindustan Coca-Cola Holdings, while Jubilant Bhartia Group owns the remaining 40% after acquiring its stake in 2025.
The potential IPO is expected to be largely an OFS, meaning existing shareholders would sell part of their holdings rather than the company raising fresh capital.
Coca-Cola had earlier said it was exploring a public listing of the Indian bottling business, subject to market conditions and regulatory approvals.
Hindustan Coca-Cola Business
Hindustan Coca-Cola Beverages operates 14 manufacturing plants across India and distributes Coca-Cola brands including Coca-Cola, Thums Up, Sprite, Fanta and Maaza.
The bottler serves more than 1.7 million retail outlets and employs more than 5,000 people, according to company information.
Coca-Cola has retained Rothschild & Co as an adviser for the proposed listing. The company has been preparing for a potential India listing as it looks to bring in external investors while retaining a stake in the bottling business.
The proposed IPO would add another large consumer business to India's primary market pipeline.
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Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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