Coca-Cola Explores 2027 IPO for India Bottling Business

Coca-Cola is exploring a public listing of Hindustan Coca-Cola Holdings (HCCH), the parent company of its largest Indian bottler, Hindustan Coca-Cola Beverages (HCCB), in 2027. The proposed IPO would be listed on the BSE and NSE, subject to regulatory approvals and market conditions. The company is also considering selling a portion of its stake in HCCH as part of the offering.

The move comes nearly a year after Coca-Cola sold a 40% stake in HCCH to the Jubilant Bhartia Group, retaining a 60% holding. Coca-Cola said it will continue to remain invested in the business and focus on expanding its portfolio of global and local brands in India.

The potential listing marks a key step in Coca-Cola’s global asset-light strategy, under which it has been divesting bottling assets and refranchising operations. India, Coca-Cola’s fifth-largest market globally, remains a major growth engine for the company. HCCB, established in 1997, operates 14 bottling plants across 10 states and manufactures and distributes brands including Coca-Cola, Thums Up, Sprite, Fanta, Maaza, Minute Maid and Kinley.

Coca-Cola reported India sales of ₹50 billion in FY25, its highest level since at least 2021. Bloomberg had earlier reported that an IPO could value the bottling business at around $10 billion, while reports suggest the offering could raise more than $1 billion. Rothschild has been appointed as adviser for the proposed listing.