Coca-Cola Co. is considering filing a draft prospectus in December for an initial public offering of its Indian bottling unit, according to people familiar with the matter. 

The Atlanta-based drinks giant has also added Axis Capital Ltd. and IIFL Capital Services Ltd. to the roster of banks working on the Hindustan Coca-Cola Beverages Pvt deal, the people said, asking not to be identified because the deliberations are private.  

The IPO is expected to consist largely of shares sold by existing investors, with Coca-Cola seeking a valuation of about $10 billion, the people said. Bloomberg News has reported previously that the IPO could raise around $1 billion. 

Deliberations are ongoing, so details including the timing, valuation and structure of the offering may change. Representatives for Coca-Cola and the banks didn’t immediately respond to requests for comment.

Coca-Cola is also working with Kotak Mahindra Capital Co., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley on the IPO, local media has reported.

A listing would help Coca-Cola tap strong investor demand for new offerings in India, while unlocking value from one of the country’s largest bottling operations.

Proceeds from IPOs in India have reached almost $10 billion in July-September — the most ever for the quarter — thanks to blockbuster offerings by National Stock Exchange of India Ltd. and SBI Funds Management Ltd.

The country is now on track for one of its best years ever, with over $13 billion raised already in nearly 250 IPOs, data compiled by Bloomberg show. 

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Published on September 30, 2026