Coca-Cola is considering listing its Indian bottling business, Hindustan Coca-Cola Holdings (HCCH), on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) by 2027.
The move reflects the company’s growing confidence in India, which has emerged as one of Coca-Cola’s fastest-growing and most important markets globally.
HCCH is Coca-Cola’s largest bottling operation in India and handles the manufacturing, distribution, and sale of popular brands such as Coca-Cola, Thums Up, Sprite, and Fanta. The company operates 14 bottling plants across 10 states.
As part of the proposed IPO, Coca-Cola may sell a portion of its stake in HCCH while continuing to remain a major shareholder. Currently, Coca-Cola owns 60% of the company, while the remaining 40% is held by the Jubilant Bhartia Group.
The planned listing is expected to unlock value in Coca-Cola’s Indian operations and provide investors an opportunity to participate in the growth of the company’s beverage business in the country.
India has become a key market for Coca-Cola amid rising demand for soft drinks and increasing competition. The company reported sales of ₹5,000 crore in FY25, its highest annual revenue in at least five years.
The IPO also comes at a time when competition in the beverages sector is intensifying, particularly with the rapid expansion of Campa Cola by Reliance Consumer Products.
Industry reports have suggested that HCCH could be valued at around $10 billion if the listing goes ahead, making it one of the most closely watched consumer-sector IPOs in the coming years.
The proposed IPO highlights the increasing importance of India in the growth plans of global food and beverage companies.