According to a report by Bloomberg News on Friday, the Atlanta-based company has held preliminary discussions with investment bankers regarding the potential listing, which could value the unit at approximately $10 billion. While deliberations remain in the early stages, the listing — if approved — could take place as soon as 2026.
Coca-Cola has yet to issue an official statement on the matter, and neither the company nor Hindustan Coca-Cola Beverages responded to requests for comment as of press time, Reuters noted.
Early Talks Reflect Growing Investor Appetite in India
The possible IPO comes amid a wave of multinational corporations seeking to unlock value through local listings in India’s rapidly expanding consumer market. Earlier this week, LG Electronics India made headlines with a record-breaking $13 billion debut — surpassing its South Korean parent’s valuation.
For Coca-Cola, the move could serve multiple purposes: strengthening its foothold in one of the world’s fastest-growing beverage markets, deepening engagement with local investors, and providing capital flexibility to accelerate distribution and marketing strategies.
Competitive Pressure Mounts from Local Rivals
Coca-Cola’s renewed focus on its India operations also coincides with heightened competition in the soft drinks market. Reliance Retail, a subsidiary of billionaire Mukesh Ambani’s conglomerate, has been aggressively expanding its homegrown beverage label, Campa Cola, reviving a nostalgic Indian brand once popular in the 1970s and 80s.
Industry analysts say the resurgence of local competitors like Campa Cola — backed by Reliance’s vast retail network — could pressure global beverage giants such as Coca-Cola and PepsiCo to adapt pricing, localization, and distribution strategies to maintain market dominance.
Strategic Timing for a Landmark Listing
If Coca-Cola proceeds with the IPO, it would mark one of the most high-profile listings by a foreign-owned subsidiary in India’s beverage sector. Analysts note that India’s buoyant equity markets, strong domestic consumption, and increasing retail investor participation make it an attractive time for such offerings.
While Coca-Cola has not yet appointed financial advisers, the reported $10 billion valuation reflects both India’s growth potential and Coca-Cola’s strategic importance in the region — the company’s fifth-largest market by volume.
The potential listing of Hindustan Coca-Cola Beverages underscores the growing momentum of multinational firms leveraging India’s deepening capital markets. Should the deal move forward, it would not only highlight Coca-Cola’s long-term commitment to the Indian consumer economy but also signal global confidence in the country’s equity environment.