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Coca-Cola Plans $1 Billion+ India IPO for Hindustan Coca-Cola Holdings

03 Jun 2026|
3 min read |
by ICICI Securities Team

ICICI Securities Ltd - INZ000183631

The Coca-Cola Company Announces Plans for HCCH IPO

The Coca-Cola Company has announced that it is exploring a potential public listing in India of Hindustan Coca-Cola Holdings Pvt. Ltd. (HCCH), the parent company of Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB), in 2027.

Initial preparations are underway for a potential listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), subject to market conditions and regulatory approvals.

Proposed Valuation and Fundraising Expectations

The IPO is expected to raise more than $1 billion and could value the business at over $10 billion.

At a valuation of approximately ₹96,000 crore, HCCH would be valued at around 7.5x FY25 sales. In comparison, its peer Varun Beverages is currently valued at around 9x CY24 sales.

The proposed listing follows The Coca-Cola Company's strategic divestment in July 2025, when Jubilant Bhartia Group acquired a 40% stake in HCCH while Coca-Cola retained majority ownership.

Management believes that the public listing will represent a significant milestone in completing the company's ongoing refranchising strategy and position the business to capitalise on growth opportunities in the Indian market.

Strong Distribution Network Across India

HCCH and its operating subsidiary HCCB have built an extensive distribution network in India.

As of March 31, HCCB

  • Operated 14 bottling plants across 10 states
  • Worked with more than 2,000 distributors
  • Reached over 1.7 million customers
  • Employed approximately 5,000 people
  • Worked with eight co-packers

The company prepares, packages, distributes and sells a range of sparkling and still beverages and is the market leader in non-alcoholic ready-to-drink beverages within the territories in which it operates.

India Remains a Key Growth Market

The proposed IPO highlights Coca-Cola's long-term confidence in India. Rising consumption, distribution expansion and premiumisation continue to support growth in the country's non-alcoholic beverages market.

Management expects the public listing to strengthen HCCB's ability to pursue future growth opportunities in India's fast-growing beverage industry.

Coca-Cola press release - The Coca-Cola Company Exploring Potential Public Listing in India for Hindustan Coca-Cola Holdings Pvt. Ltd., Parent Company of its Largest Bottler in India :: The Coca-Cola Company (KO)

Disclaimer: ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470.  The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  Investments in securities market are subject to market risks, read all the related documents carefully before investing. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents are solely for informational and educational purpose.

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