Coca-Cola is actively advancing plans to list its primary Indian bottling operation, targeting a valuation of approximately $100 billion, and has initiated the process of selecting investment banks to pave the way for an initial public offering in 2027.
According to informed sources, Coca-Cola has invited several investment banks to compete for roles in the IPO of its Indian bottling subsidiary, Hindustan Coca-Cola Beverages. Briefing sessions are scheduled for next week in London, with financial advisor Rothschild overseeing the selection process. The IPO is expected to raise around $1 billion, with a valuation target of about $100 billion, representing a price-to-sales multiple of roughly 7.5 times based on its estimated fiscal 2025 revenue of approximately $1.3 billion.
Headquartered in Bengaluru, Hindustan Coca-Cola Beverages is one of India's largest soft drink bottlers. It operates 14 manufacturing plants, serves over 1.7 million retail outlets, and employs more than 5,000 people. This listing plan is a key part of Coca-Cola's strategic realignment in the Indian market. In July 2025, the company sold a 40% stake in HCCB to the diversified Indian conglomerate Jubilant Bhartia Group. A successful IPO in 2027 would mark the completion of this bottling business restructuring, allowing Coca-Cola to focus more on brand management and its high-margin concentrate business.
India is currently Coca-Cola's fifth-largest global market, and company executives anticipate it could break into the top three within a few years. This move aligns with a trend among multinational corporations to spin off their Indian operations for listing, capitalizing on the strong demand in the local capital markets. Similar actions have been taken previously by companies like Hyundai Motor and LG Electronics.
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