Coca-Cola weighs US$1B IPO for Indian bottling arm Hindustan Coca-Cola Beverages
The potential listing could value Coca-Cola’s Indian bottler at about $10 billion, with plans reportedly under early discussion.
INDIA – Coca-Cola is exploring the possibility of an initial public offering (IPO) for its Indian bottling subsidiary, Hindustan Coca-Cola Beverages (HCCB), in a deal that could raise up to US$1 billion, according to a report by Bloomberg News.
The report states that the beverage giant has held preliminary discussions with investment bankers in recent weeks regarding the potential IPO, which could value the unit at around US$10 billion.
The deal remains in its early stages, and if pursued, the listing would likely take place in 2026. Details including the timing, structure, and size of the offering are still under consideration.
Hindustan Coca-Cola Beverages, headquartered in Bengaluru, is Coca-Cola’s largest bottler in India and has been producing the company’s beverages locally since 1997. The unit operates 14 manufacturing facilities across 12 states and 236 districts in southern and western India, employing over 5,000 people and serving around 3 million customers.
In December 2024, The Coca-Cola Company entered an agreement for Jubilant Bhartia Group to acquire a 40% stake in Hindustan Coca-Cola Holdings, the parent company of HCCB.
Earlier this year, HCCB appointed Hemant Rupani as its new chief executive officer, effective September. Rupani, who previously held leadership roles at Mondelēz International, succeeded Juan Pablo Rodriguez, who transitioned to another position within the Coca-Cola system.
India remains one of Coca-Cola’s fastest-growing markets, though the company faces intensified competition from local players such as Ambani’s Campa Cola, which has gained traction with aggressively priced 200-ml bottles at Rs 10.
For FY24, HCCB reported a 10% year-on-year increase in consolidated revenue to Rs 14,021.54 crore (US$1.6 billion), while net profit surged 246% to Rs 2,808.3 crore (US$326.7 million).
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