HCCB IPO: Coca-Cola Appoints Bankers, Targets $1 Billion Listing

Coca-Cola is preparing to list its Indian bottling arm, Hindustan Coca-Cola Beverages (HCCB), with an IPO worth around $1 billion (₹9,027 crore), as per The Economic Times.  

The listing is expected to be executed in the coming summer, placing Coca-Cola among multinational firms opting for Indian capital markets. 

Coca-Cola Initiates IPO Process for Bottling Arm HCCB 

Coca-Cola has appointed major investment banks including Citibank, Kotak and the HDFC Group, to run the IPO process for HCCB. The planned issue size is around $1 billion (approximately ₹9,027 crore).  

Preparations are underway for a potential summer 2026 listing, though market conditions including weather-linked demand could affect timelines. The company is aiming for a valuation of approximately $10 billion. 

Realignment and Stake Sale Drives Strategy Shift 

The IPO plans gained momentum after Coca-Cola sold a 40% stake in Hindustan Coca-Cola Holdings Pvt Ltd, HCCB’s parent, to the Jubilant Bhartia Group for ₹12,500 crore.  

This move is aligned with Coca-Cola’s global strategy of reducing direct ownership in bottling operations and focusing on brand and digital-driven growth. 

Read More: IPO Alert: Property Share Files Draft Papers for 3rd SM REIT Scheme to Raise Funds! 

Key Operations and Financial Snapshot 

HCCB operates 15 plants across India and works alongside other independent bottlers in the country. It is responsible for bottling and distribution of well-known brands including Coca-Cola, Thums Up, Sprite, Maaza, Kinley, Dasani, Georgia Coffee and Schweppes.  

According to financial data, HCCB generated ₹12,751.29 crore in revenue during FY25, marking a 9% year-on-year decline. The dip was attributed to asset sales to franchise bottlers across territories such as Bihar, Rajasthan, North East and parts of West Bengal. 

Leadership Changes and Commentary 

HCCB recently appointed Hemant Rupani, former president of Mondelez Southeast Asia, as CEO. The company noted that GST-related price adjustments have been introduced to offer better value to consumers. However, no official comment has been made on the IPO timeline or structure. 

Conclusion 

Coca-Cola has taken concrete steps towards taking HCCB public in India with a $1 billion IPO plan. The company’s strategic realignment, divestments and operational adjustments are contributing to its IPO readiness. 

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