Coca-Cola weighs $1 bn IPO for Indian bottling unit, valued at $10 bn

By Rajesh Mascarenhas

 

Coca-Cola Co is considering taking its Indian bottling unit public in a deal that may fetch $1 billion, according to people familiar with the matter. 

 

The company has met with bankers in recent weeks to discuss the possible initial public offering of Hindustan Coca-Cola Beverages Pvt., which would value the unit at about $10 billion, according to the people, who asked not to be identified discussing a private matter. It’s still early in the process and the company hasn’t hired bankers for the deal yet, according to the people. 

 

The deal would probably occur next year if it goes ahead, according to one of the people. Deliberations are ongoing so details such as the timing, structure, and size of the offering could still change, according to the people. A representative for Coca-Cola didn’t respond to requests for comment.

 

The deal would bring one of the world’s best-known brands to India’s hot IPO market, which is on track for a record month and possibly have its best year ever in 2025. With offerings such as Coca-Cola and Mukesh Ambani’s Reliance Jio Infocomm Ltd. coming up, 2026 is shaping up to be another banner year.   

 

Coca-Cola would join the rising trend of global companies listing their Indian units, as was recently the case with LG Electronics Inc.’s $1.3 billion IPO this month and Hyundai Motor Co.’s record-breaking $3.3 billion listing last year.  

 

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Though India is one of Coca-Cola’s biggest markets, it’s been facing increased competition there in recent years, especially from Ambani’s Campa Cola, which is quickly gaining market share with 200-milliliter bottles priced as low as 10 rupees (11 cents).    

 

Coca-Cola’s Indian bottler serves over 2 million retailers and employs more than 5,200 people, according to its website. Headquartered in Bengaluru, the company operates 14 manufacturing plants across 12 states and 236 districts in southern and western India.

 

The Atlanta-based beverage giant recently sold a minority stake in the Indian bottler’s immediate parent, Hindustan Coca-Cola Holdings Pvt., to Jubilant Bhartia Group, a local diversified conglomerate. 

Draft papers filed for India’s first data centre firm IPO 

Sify Infinit Spaces Ltd, a subsidiary of Sify Technologies, has filed preliminary papers with the Securities and Exchange Board of India (Sebi) to raise ₹3,700 crore through an initial public offering (IPO). This would also be the country’s first data centre IPO. The company’s IPO comprises a fresh issue of equity shares worth ₹2,500 crore and an offer for sale (OFS) of equity shares valued at ₹1,200 crore by investors, according to the draft red herring prospectus (DRHP). As part of the OFS, Kotak Data Center Fund will offload shares to the tune of ₹643 crore and Kotak Special Situations Fund will divest shares aggregating to ₹557 crore. Sify Infinit Spaces may consider raising ₹500 crore in a pre-IPO round. If such initiative is undertaken, the amount raised from such placement will be reduced from the fresh issue. Proceeds from the fresh issue will mainly be used to fund data centre additions and pay debt. Sify Infinit, part of the Sify Group that pioneered private internet services in the late 1990s, is a leading data centre infrastructure company in India, offering colocation, interconnection, build-to-suit, and value-added services across its nationwide network. The Vegesna Ananta Koti Raju-led company saw its first data centre commence operations in 2000, marking one of the earliest commercial data centres in India.

Canara HSBC Life sees muted debut, shares end 5% higher 

Shares of Canara HSBC Life Insurance Company Ltd on Friday made a flat market debut, at par with the issue price of ₹106 and later bounced back and climbed nearly 5 per cent. The stock listed at ₹106 on both the BSE and NSE. Later, it jumped 4.62 per cent to ₹110.90 on the BSE. At the NSE, the stock climbed 4.71 per cent to ₹111. The company’s market valuation stood at ₹10,488 crore. The initial public offer of Canara HSBC Life Insurance Company Ltd received 2.29 times subscription on the final day of bidding on Tuesday. The IPO was a complete offer for sale (OFS) of 23.75 crore equity shares by promoters and an investor.