- Hindustan Coca-Cola Holdings is expected to file its draft prospectus with India’s market regulator by October 29.
- The proposed IPO could raise around $1bn at a targeted valuation of approximately $10bn.
- Coca-Cola owns 60 per cent of the business, while Jubilant Bhartia Group holds the remaining 40 per cent.
Coca-Cola’s Indian bottling business is moving closer to a potential stock market listing, with its parent company, Hindustan Coca-Cola Holdings (HCCH), expected to file draft IPO papers with India’s market regulator this week.
The proposed initial public offering could raise around $1bn, primarily through a stake sale, at a targeted valuation of approximately $10bn, according to media reports citing sources familiar with the plans. A listing is expected in 2027, although the timing and final terms remain subject to regulatory approvals and market conditions.
HCCH is the parent company of Hindustan Coca-Cola Beverages (HCCB), which manufactures, packages and distributes Coca-Cola products across India. Axis Capital and IIFL Capital Services are among the investment bankers expected to manage the offering, while Rothschild & Co has been appointed as an adviser to the listing process, according to the reports.
The proposed IPO follows an ownership restructuring completed in July 2025, when Jubilant Bhartia Group acquired a 40 per cent stake in HCCH. The Coca-Cola Company retained the remaining 60 per cent.
The listing would mark another step in Coca-Cola’s strategy of reducing its direct exposure to capital-intensive bottling operations while retaining control over its brands, marketing and product development.
Why is Coca-Cola preparing to list its Indian bottler?
The proposed offering reflects a broader shift in Coca-Cola’s business model towards working with independent bottling partners. Under this approach, the company can focus more on brand building, innovation and marketing while its bottlers handle manufacturing and distribution.
The partnership with Jubilant Bhartia Group gives Coca-Cola a shareholder with established consumer-facing businesses in India. Jubilant FoodWorks operates brands including Domino’s Pizza, Popeyes and Dunkin’, creating potential opportunities across beverage distribution and quick-service restaurants.
Coca-Cola executives have presented the proposed listing as an opportunity to support the bottler’s future growth. Jubilant Bhartia Group Chairman Shyam Bhartia and Co-Chairman Hari Bhartia have also expressed support for the partnership and the potential to create shareholder value.
However, the proposed IPO's final structure, including the proportion of shares to be sold and the allocation between shareholders, has yet to be confirmed.
A large distribution network, but revenue has come under pressure
Established in 1997, HCCB operates 14 bottling plants across 10 Indian states and works with a network of more than 2,000 distributors, serving over 1.7 million customers. The company employs approximately 5,000 people and works with additional co-packers to support production.
Despite its scale, the business has faced pressure on revenue. HCCB reported revenue of ₹12,751.29 crore, equivalent to approximately $1.5bn, in the financial year ended March 2025, down 9 per cent year over year, according to company filings cited by Fortune India.
The decline followed the transfer of manufacturing plants in Rajasthan, Bihar, the Northeast and parts of West Bengal to independent franchise bottlers. Those changes reduced the operations directly consolidated within HCCB, meaning the revenue decline should not automatically be interpreted as an equivalent fall in demand for Coca-Cola products.
The beverage industry has also faced difficult trading conditions, with persistent and unseasonal rainfall affecting sales during the April-to-September period. The summer season typically accounts for a substantial share of annual soft drink consumption in India.
In July 2025, HCCB appointed Hemant Rupani, formerly president for Southeast Asia at Mondelez, as chief executive, replacing Juan Pablo Rodriguez.
The proposed IPO will give investors an opportunity to assess the bottling business as a standalone listed company. Its valuation will depend not only on its distribution reach and relationship with Coca-Cola, but also on its revenue performance, profitability and ability to grow under the revised operating model.
