Coca-Cola's Indian bottling arm to file IPO papers this week
What's the story
Hindustan Coca-Cola Holdings (HCCH), the Indian bottling arm of The Coca-Cola Company, is likely to file its draft red herring prospectus (DRHP) with the market regulator this week, according to Moneycontrol. The move comes as part of a plan to list the company in 2027 and raise around $1 billion through an initial public offering (IPO). Axis Capital and IIFL Capital Services are among the investment bankers associated with this major financial move.
Advisory role
Rothschild & Co onboarded for HCCH's IPO
Rothschild & Co has been appointed as the advisor for HCCH's upcoming IPO.
The company is looking at a valuation of $10 billion, with most of the issue size expected to come from a stake sale.
This comes after a major transaction in July 2025, when Jubilant Bhartia Group acquired a 40% stake in HCCH while Coca-Cola retained the remaining 60%.
Market positioning
Strategic move to complete refranchising process
The potential listing of HCCH is seen as a strategic move to complete the refranchising process and position the company for future growth in the Indian market.
Sanket Ray, president, India and Southwest Asia and Emerging Large Markets Lead for The Coca-Cola Company, called this announcement "another important step" for HCCB.
He added that under the leadership of Jubilant Bhartia Group, the bottler would be well-positioned to continue its growth trajectory after the listing.
Business footprint
HCCH's network and operations in India
Established in 1997, HCCH operates 14 bottling plants across 10 states.
The company packages, distributes, and sells popular beverages such as Coca-Cola, Thums Up, Sprite, and Fanta.
With a workforce of nearly 5,000 employees, HCCH has built an extensive network of over 2,000 distributors serving more than 1.7 million customers across the country.