- Coca-Cola plans a potential IPO of Hindustan Coca-Cola Holdings in India by 2027
- Listing depends on market conditions, regulatory approvals, and customary clearances
- Rothschild & Co appointed as adviser for the proposed IPO process
The Coca-Cola Company said it is exploring a potential public listing in India of Hindustan Coca-Cola Holdings Pvt. Ltd., the parent company of its largest bottling operation in the country, with a possible IPO targeted for 2027, as per an official press release. The beverage maker said initial preparations are underway for a potential listing of HCCH on the NSE and he BSE, subject to market conditions, regulatory approvals and other customary clearances.
The proposed transaction could also involve Coca-Cola selling a portion of its shareholding in HCCH alongside the listing, though the company did not disclose the size of the stake sale under consideration. Coca-Cola said it has appointed Rothschild & Co as adviser for the proposed listing process. Further details, including timing, valuation and shareholding structure, are expected to be disclosed closer to the offering.
In July 2025, the company sold a 40% stake in HCCH to Jubilant Bhartia Group, the diversified Indian conglomerate that also operates businesses across food service, pharmaceuticals and consumer sectors.
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The proposed IPO would effectively complete the refranchising process that Coca-Cola has been pursuing in several markets globally, where the company focuses on brands and concentrate sales while local partners handle manufacturing and distribution.
HCCH's operating subsidiary, Hindustan Coca-Cola Beverages, is one of the largest beverage bottlers in the country. Established in 1997, the company operates 14 bottling plants across 10 states and works with eight co-packers. As of March 31, it served more than 1.7 million retail outlets through a distribution network of over 2,000 distributors.
The bottler manufactures and distributes a portfolio that includes brands such as Coca-Cola, Thums Up, Sprite, Fanta, Limca and Maaza.
The press release also noted that India has emerged as one of Coca-Cola's fastest-growing markets, driven by rising consumption, expanding distribution and growing demand for both sparkling and non-carbonated beverages. A listing would provide public market investors with exposure to the manufacturing and distribution side of Coca-Cola's India operations rather than the global beverage giant itself.
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