Coca-Cola taps bankers for $1-billion IPO of Indian bottler HCCB: Report

Coca-Cola, which leads India’s Rs 60,000-crore soft drinks market, manufactures, sells and distributes a wide portfolio of beverages in the country

Coca-Cola has appointed investment bankers including Kotak, HDFC Group and Citibank for the proposed initial public offering of its Indian bottling arm, Hindustan Coca-Cola Beverages (HCCB), a report by the Economic Times said on January 15. The IPO is expected to raise about $1 billion (approximately Rs 9,027 crore), with the world’s largest beverage company targeting a market debut as early as this summer, the report said.

The report, citing people aware of the matter, said Coca-Cola’s plan to list HCCB—at an estimated valuation of close to $10 billion—remains on schedule for the current year. The report added that the offering would only be pushed to next year if peak summer demand is significantly affected by heavy rainfall, similar to what was seen last year.

India has recently seen sizeable public listings from multinational consumer-facing companies, including Hyundai Motor India and LG Electronics India. Hyundai Motors India raised a record $3.3 billion through its IPO, while LG Electronics completed a $1.3-billion listing, with both offerings taking place locally during 2024 and 2025.

Coca-Cola, which leads India’s Rs 60,000-crore soft drinks market, manufactures, sells and distributes a wide portfolio of beverages in the country. Its brands include aerated drinks such as Coca-Cola, Thums Up and Sprite, along with Maaza juice, Kinley and Dasani packaged water, Georgia coffee and Schweppes mixers.