Coca-Cola mulls December 2026 IPO filing for India unit

Coca-Cola Co. is considering filing a draft prospectus in December 2026 for an initial public offering of its Indian bottling unit, Hindustan Coca-Cola Beverages Pvt, according to people familiar with the matter. The company has added Axis Capital Ltd. and IIFL Capital Services Ltd. to the banks working on the deal, which also include Kotak Mahindra Capital, Citigroup, JPMorgan Chase and Morgan Stanley.

Coca-Cola is seeking a valuation of about $10 billion for the unit, and the IPO could raise around $1 billion, mainly through the sale of existing investors' shares. Deliberations are ongoing, so the timing, valuation and structure may change. Proceeds from IPOs in India reached almost $10 billion in the July-September 2026 quarter, the most ever for a quarter, and over $13 billion has been raised in nearly 250 IPOs in 2026.

Update, 30 September 2026: The Economic Times now also reports the same story from Bloomberg: Coca-Cola is considering a December 2026 draft prospectus filing for Hindustan Coca-Cola Beverages' IPO, with a $10 billion valuation target and Axis Capital and IIFL Capital joining the bank group. No new facts or changes are reported.

Update, 30 September 2026: Livemint also reports the story, adding that Coca-Cola currently holds a 60% stake in Hindustan Coca-Cola Holdings after Jubilant Bhartia Group bought a 40% stake in 2025. The unit operates 14 bottling plants and reaches over 1.7 million customers, according to the report.