Coca-Cola Co. is reportedly preparing to file a draft prospectus as early as December for an IPO of its Indian bottling business, Hindustan Coca-Cola Beverages, Bloomberg News reported on Wednesday, citing persons familiar with the matter.

The Atlanta-based beverage giant has added Axis Capital and IIFL Capital Services to the deal's banking syndicate, with existing shareholders expected to sell most of the shares, the news wire said.

The company is targeting a valuation of about $10 billion, though earlier reports suggested the IPO could raise around $1 billion, the publication said.

Coca-Cola India, Axis Capital and IIFL Capital Services did not immediately respond to MT Newswires' request for comment.

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