The Indian bottling business of Coca-Cola took another major step toward bottling IPO. Hindustan Coca-Cola Holdings appointed global investment banks to lead its upcoming initial public offering.
The company selected JPMorgan and Citi as key advisors after pitch presentations took place in London. Sources indicated that Kotak and Morgan Stanley will also assist on the proposed share sale. The firm is also evaluating options to sell part of its ownership stake.
The beverage giant previously announced plans in June to list the Indian bottling arm by 2027. However, the company has not fixed the final issue valuation or the total share percentage for sale. The company and the appointed investment advisors did not immediately comment on these developments. Well, internal planning for the Hindustan Coca-Cola Beverages public issue targets a valuation close to $10 billion. The total issue size could reach around $1 billion (about ₹9,027 crore).
About Coca- Cola Company
Hindustan Coca-Cola Holdings was established in 1997 and functions as a major bottling partner in India. The enterprise operates 14 manufacturing plants across 10 Indian states. Meanwhile, the bottling subsidiary HCCB operates 15 facilities, while independent bottlers manage additional regional plants. Coca-Cola supplies beverage concentrate to these local bottling partners across the country.
The parent business currently holds a 60 percent ownership stake in Hindustan Coca-Cola Holdings. Toefler data shows that the entity recorded annual revenue of ₹127.35 billion (about $1.32 billion) in 2023. Net profit for the same operational year reached $36 million. The enterprise leads the country’s ₹60,000-crore soft drinks market with brands like Coca-Cola, Thums Up, Sprite, Maaza, Kinley, Dasani, Georgia, and Schweppes.
The IPO fits into the global asset-light corporate strategy of Coca-Cola. Under this strategy, the firm reduces ownership in capital-heavy bottling plants to concentrate on brand development and digital initiatives.
The promoters aim for a summer listing timeline. However, unseasonal rainfall could affect summer drink sales and push back the bottling IPO schedule.
The business recently completed the sale of 40% in Hindustan Coca-Cola Holdings to Jubilant Bhartia Group for roughly ₹12,500 crore. Jubilant FoodWorks operates major restaurant franchises like Domino’s Pizza, Popeyes, and Dunkin’ Donuts in India. This partnership aims to build long-term operational connection between beverage distribution networks and fast-food chains.
Multinational companies continue to choose Indian stock markets to unlock corporate valuation instead of raising fresh equity capital. Firms such as Hyundai Motor and LG Electronics previously sold equity stakes through Indian stock market listings due to strong market valuations.
Disclaimer – This news report covers recent IPO development based on published media reports.