Coca-Cola’s Indian bottling arm likely to file IPO papers on Oct 29; eyes $1 bn issue at $10 bn valuation

Coca-Cola is likely to file draft papers for the initial public offering (IPO) of its Indian bottling business, Hindustan Coca-Cola Holdings (HCCH), with the Securities and Exchange Board of India (Sebi) by October 29, a source told Fortune India. The proposed listing is expected in 2027.

The Atlanta-based beverage major is targeting a valuation of around $10 billion for the bottler, with the IPO pegged at approximately $1 billion, primarily through a stake sale, the source said.

Coca-Cola holds a 60% stake in HCCH after the Jubilant Bhartia Group acquired the remaining 40% in 2025 for ₹12,500 crore. The transaction paved the way for the proposed public listing as Coca-Cola continues to shift towards an asset-light business model.

Axis Capital and IIFL Capital Services are among the investment bankers expected to manage the offering, sources said. Fortune India had reported in January that Coca-Cola was preparing for the IPO and had appointed investment bankers.

The proposed offering comes amid a series of sizeable Indian listings by multinational consumer companies. Hyundai Motor India raised $3.3 billion in 2024, while LG Electronics India raised around $1.3 billion in 2025.

Coca-Cola sells 40% stake in bottling arm to Jubilant Group

The proposed IPO follows Coca-Cola’s sale of a 40% stake in HCCH, the parent of Hindustan Coca-Cola Beverages (HCCB), to the Jubilant Bhartia Group. The deal formed part of Coca-Cola’s global strategy of focusing on brand building, innovation and digitisation while reducing exposure to capital-intensive bottling operations.

Jubilant FoodWorks, part of the Jubilant Bhartia Group, operates brands including Domino’s Pizza, Popeyes and Dunkin’ in India. The partnership also offers potential synergies between beverage distribution and quick-service restaurant businesses.

Established in 1997, Hindustan Coca-Cola Beverages (HCCB) operates bottling plants and distributes Coca-Cola products across India. As of March 31, it had a network of more than 2,000 distributors and served over 1.7 million customers. The company operates 14 bottling plants across 10 states and works with eight co-packers.

On the earnings front, HCCB reported revenue of ₹12,751.29 crore in FY25, down 9% year-on-year, according to Registrar of Companies filings sourced from Tofler. The decline followed the transfer of manufacturing plants in Rajasthan, Bihar, the Northeast and parts of West Bengal to independent franchise bottlers, including Moon Beverages, Kandhari Global Beverages and SLMG Beverages.

Coca-Cola supplies concentrate to its bottling partners and has increasingly shifted production to independent bottlers as part of its efforts to reduce capital intensity while retaining control over its brands and marketing.

For the nine months ended September 2025, Coca-Cola reported transaction costs of $7 million and a net gain of $102 million from refranchising certain Indian bottling operations.

The beverage industry also faced demand pressure during the period, with unseasonal and persistent rainfall affecting sales during the April–September summer season, which typically accounts for about half of annual soft drink consumption.

In July 2025, HCCB appointed Hemant Rupani, former president for Southeast Asia at Mondelez, as chief executive, replacing Juan Pablo Rodriguez.

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