Coca-Cola on Monday said it is exploring a potential initial public offering (IPO) of Hindustan Coca-Cola Holdings (HCCH), the parent company of its largest bottling business in India.
The beverage giant plans to list the company on the BSE and the National Stock Exchange (NSE) in 2027. As part of the process, Coca-Cola is also considering selling a portion of its stake in the bottling business.
The company said it has appointed Rothschild as an advisor for the proposed listing.
Coca-Cola to Remain a Key Shareholder
Coca-Cola currently owns 60% of Hindustan Coca-Cola Holdings after the Jubilant Bhartia Group completed the acquisition of a 40% stake in the bottling company in 2025.
Despite the planned IPO, Coca-Cola said it intends to remain invested in the business and continue supporting its growth in India.
Sanket Ray, President of Coca-Cola India and Southwest Asia, said the company remains committed to expanding both its global and local beverage brands in one of its most important markets.
India has emerged as a major growth destination for Coca-Cola, driven by rising consumption and strong demand across urban and rural markets.
India Bottling Business Continues to Expand
Established in 1997, Hindustan Coca-Cola Holdings operates 14 bottling plants across 10 states. The company packages, distributes and sells some of the country's most popular beverage brands, including Coca-Cola, Thums Up, Sprite and Fanta.
The bottling unit plays a critical role in Coca-Cola's India operations and distribution network.
According to the company, sales reached Rs 50 billion (around Rs 5,000 crore) in FY25, marking its highest annual revenue in at least four years.
The proposed IPO comes as Coca-Cola faces growing competition in India from Campa Cola, owned by Reliance Consumer Products.
A Bloomberg report last year estimated that an IPO could value Hindustan Coca-Cola Holdings at around $10 billion, highlighting investor interest in India's fast-growing consumer and beverage market.
The listing, if completed, would rank among the most significant consumer-sector IPOs in India in recent years.
