Coca-Cola is exploring IPO for largest Indian bottler

The IPO could fetch around $1 billion, Bloomberg reported last year, citing unnamed individuals. A Coca-Cola spokesperson declined comment.

In connection with the potential IPO, Coca-Cola said it wants to sell a portion of its stake in Hindustan Coca-Cola Holdings.

Coca-Cola owns 60% of the Indian bottler after selling a minority interest to conglomerate Jubilant Bhartia Group in a deal that closed last year.

Hindustan Coca-Cola Holdings, founded in 1997, operates 14 factories across India. The bottler produces, distributes and sells brands like Coca-Cola, Thums Up, Sprite, Fanta and others.

“The Coca-Cola Co. will stay invested in this important bottler and focus on growing our portfolio of global and local brands in India,” Sanket Ray, president of India and Southwest Asia and emerging large markets lead for Coca-Cola, said in a news release.

Coca-Cola for years has reduced its involvement in bottling, a capital-intensive part of the business. The company focuses on brand development and selling syrup and concentrate. Its bottlers produce and distribute the drinks in the markets they serve.

Coca-Cola’s recent deals include selling off a minority stake in a U.S. bottler and a majority stake in Africa’s largest bottler.

Coca-Cola’s bottling investments comprised 12% of its net revenues in 2025, compared with 52% in 2015, according to an April investor presentation.

India is a growth market for Coca-Cola. In 2025, Coca-Cola said that outside of the U.S., the company saw its largest unit case volumes in India, Mexico, China and Brazil.

“When I think about India, and I see the infrastructure development, the electrification of the country and the digitization of the country driven by the government, it’s a much more attractive backdrop for a company like ours to be able to think about growth than it’s ever been before,” John Murphy, Coca-Cola president and chief financial officer, said at a March conference.