Coca-Cola India IPO: Banker pitches called in London, formal talks on Aug 9-10, sources say

Coca-Cola has called for pitches from investment banks for the proposed initial public offering of its Indian bottling arm, sources told CNBC-TV18 on Thursday. Formal presentations are scheduled for August 9 and 10 in London.

Among global banks, Coca-Cola has tapped JPMorgan, Morgan Stanley and Goldman Sachs to pitch for roles on the offering, sources said. From the domestic group, JM Financial, Kotak Mahindra Bank, Axis Bank, IIFL and ICICI Securities have been asked to present, the sources added.

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The development marks the next concrete step in what could be one of the largest consumer-sector listings on Indian exchanges. Sources also indicated that the Atlanta-based company is targeting a valuation of about $10 billion for the bottling business, with the offering expected to raise around $1 billion, this was also reported by Bloomberg on Thursday.

HCCB is Coca-Cola's largest bottler in India. The Bengaluru-headquartered company operates 14 manufacturing plants across 12 states, serves more than 1.7 million retail outlets, and employs over 5,000 people. It bottles and distributes brands including Thums Up, Sprite, Maaza, Limca, Minute Maid and Kinley across South and West India.

Coca-Cola announced in June that it is exploring a listing of Hindustan Coca-Cola Holdings (HCCH), the parent of HCCB in 2027, subject to market conditions and regulatory approvals. The listing would complete the refranchising of the business under Coca-Cola's global asset-light strategy, which shifts capital-intensive bottling operations out of the parent while it focuses on brands and concentrate supply.

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The IPO builds on the sale of a 40% stake in HCCH to the Jubilant Bhartia Group, a deal agreed in December 2024 that closed in July 2025 at approximately ₹11,704 crore. Coca-Cola will retain a significant shareholding after the listing, while Jubilant Bhartia holds its 40%.

A listing at the reported $10 billion valuation would set up a direct comparison with Varun Beverages, PepsiCo's listed bottling partner in India, and comes as competition intensifies in the Indian beverages market.