Hindustan Coca-Cola Holdings plans $1 billion IPO in India

Hindustan Coca-Cola Holdings (HCCH), the Indian bottling arm of The Coca-Cola Company, is expected to file its draft red herring prospectus with the Securities and Exchange Board of India this week. The company aims to raise approximately $1 billion through an initial public offering, with a potential listing scheduled for 2027.

The proposed IPO targets a valuation of roughly $10 billion. Much of the offering is expected to consist of a secondary share sale, allowing existing shareholders to monetize their holdings. This follows a July 2025 transaction in which the Jubilant Bhartia Group acquired a 40% stake in HCCH, while Coca-Cola retained a 60% stake.

HCCH operates 14 bottling plants across 10 Indian states and manages brands including Coca-Cola, Thums Up, Sprite, and Fanta. The move is viewed as a strategic step to complete the refranchising process and transition toward an asset-light operating model.