Coca-Cola is considering a December 2026 draft filing for its Indian unit, Hindustan Coca-Cola Beverages (HCCB). The proposed offering could raise around USD 1 billion at a valuation near USD 10 billion. The Atlanta-based drinks company plans to pursue an Indian listing while investor demand remains strong. 

Existing investors would sell most shares through the proposed offer, according to people familiar with the matter. Coca-Cola has also added Axis Capital and IIFL Capital Services to the banking team. The roster already includes Kotak Mahindra Capital, Citigroup, JPMorgan, and Morgan Stanley. 

The proposed IPO would give HCCB a public market valuation in India. The company operates Coca-Cola’s major bottling and distribution network across the country. 

The company is considering a December filing while discussions continue around timing, valuation, and deal structure. Final terms may change before Coca-Cola submits documents to Indian market regulators.

The reported structure would largely use an offer for sale from existing investors. Such a route would allow current shareholders to monetize part of their holdings through the public market. The proposed USD 1 billion size could make the transaction a notable upcoming consumer sector IPO in India. 

India’s IPO market provides a strong backdrop for the proposed Coca-Cola deal this year. IPO proceeds reached nearly USD 10 billion between July and September 2026, according to Bloomberg data. The quarterly total marked India’s strongest three-month IPO fundraising period on record, Business Standard reported.

More than USD 13 billion has already been raised through nearly 250 Indian IPOs during 2026. A major consumer business could therefore attract attention as Coca-Cola advances its India plans.

Coca-Cola previously explored a possible 2027 listing for its Indian bottling business. The latest December filing discussion brings the potential transaction closer to India’s public markets. No final filing date, valuation, or offering structure has been confirmed, leaving key terms subject to change. 

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