Coca-Cola appointed JPMorgan, Citi, Kotak, and Morgan Stanley to lead the initial public offering of its Indian unit, Hindustan Coca-Cola Beverages (HCCB).
The company expects to launch the IPO in 2027. This listing supports a global strategy to transition toward an asset-light model through refranchising.
The offering aims to raise approximately $1 billion. Analysts estimate the IPO could value the Indian bottling business at $10 billion.
This move follows a 2025 transaction where Jubilant Bhartia Group acquired a 40% stake in the parent company. The listing allows Coca-Cola to reduce its equity stake while leveraging India's expanding consumer market.