Coca-Cola Plans $1 Billion HCCB IPO In 2026 - Key Details

Soft-drink major Coca-Cola has appointment Kotak, HDFC Group, and Citibank for a proposed public listing of its Indian bottling arm Hindustan Coca-Cola Beverages (HCCB) to raise funds totalling $1 billion, (nearly Rs 9,027 crore), citing media reports.

Coca-Cola Aims HCCB Valuation Of $10 Bn

India top FMCG manufacturing company, HCCB, is likely to be valued nearly at 10 billion ahead go its listing later this year. However, this mainboard could be postponed to 2027 if peak summer demand is significantly disrupted by rains, as witnessed last year.

This pubic offering comes after when several global corporations such as Hyundai Motor India, and LG Electronics have raised over billions in funds via listing their Indian arms in 2024, and 2025, respectively.

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Coca-Cola’s Product Line

Coca-Cola is a dominant player in India’s burgeoning FMCG vertical, catering to the popular beverage demands of the south Asian nation since 1997.

The proposed IPO move comes after veteran business leader Hemant Rupani took over HCCB CEO with effect from September 8, 2025.

The Bangalore-based bottler Hindustan Coca-Cola Beverages Pvt. Ltd. is known for distributing brands such as Coca-Cola, Thums Up, Sprite, Maaza, Kinley, Dasani, Georgia Coffee, and Schweppes in India.

The IPO process was set in motion over a year ago after Coca-Cola sold a 40% stake in Hindustan Coca-Cola Holdings Pvt Ltd, the parent company of HCCB, to the Jubilant Bhartia Group for Rs 12,500 crore.

The deal was part of Coca-Cola’s global asset-light strategy, which prioritises brand building, innovation, and digitisation over owning capital-intensive bottling operations.

Jubilant FoodWorks, a Jubilant Bhartia Group company, operates brands such as Domino’s Pizza, Popeyes and Dunkin’ Donuts in India. The partnership with HCCB is expected to create long-term synergies between beverage and quick-service restaurant businesses.

HCCB Earnings

In FY25, HCCB reported revenue of Rs 12,751.29 crore in FY25, down 9% on year, according to Registrar of Companies filings sourced from Tofler.

The downtrend recorded came after the sale of manufacturing plants in Rajasthan, Bihar, the North East, and parts of West Bengal to independent franchise bottlers like Moon Beverages, SLMG Beverages, and Kandhari Global Beverages.