This article first appeared on GuruFocus.
Coca-Cola (NYSE:KO) could be the next global heavyweight to tap India’s sizzling IPO market. The beverage giant is in early talks with bankers about a potential listing of its bottling arm, Hindustan Coca-Cola Beverages Pvt., a deal that may raise around $1 billion and value the business near $10 billion, according to people familiar with the matter. While no advisors have been formally appointed, discussions have gained momentum, and the listingif it proceedscould take shape next year. The timing and structure remain under consideration, suggesting Coca-Cola is still testing investor appetite before committing.
The India unit has become one of Coca-Cola’s biggest growth engines, serving over two million retailers and employing more than 5,000 people. Headquartered in Bengaluru, the bottler operates 14 manufacturing plants across 12 states, anchoring the company’s presence in the southern and western regions of the country. Coca-Cola recently sold a minority stake in the unit’s holding company to local conglomerate Jubilant Bhartia Group, a move viewed by investors as part of a broader effort to deepen Indian partnerships and prepare the ground for a potential public offering.
If the deal moves forward, Coca-Cola would join a wave of multinational names turning India into their listing arena of choicefollowing LG Electronics’ $1.3 billion float and Hyundai Motor’s record $3.3 billion debut. With Mukesh Ambani’s Reliance Jio also preparing its own market entry, the next phase of India’s IPO boom could extend into 2026. For global investors, Coca-Cola’s move signals not just corporate confidence in India’s growth story but also the market’s evolution into a preferred launchpad for global consumer giants.