Coca-Cola is preparing to take its Indian bottling subsidiary, Hindustan Coca-Cola Beverages (HCCB), public with a massive $1 billion IPO, according to reports by The Economic Times. The company has already hired top investment bankers from Kotak, HDFC Group, and Citibank to steer the listing process.
The IPO, expected to raise roughly ₹9,027 crore, is planned for the upcoming summer — aligning with peak demand season for soft drinks in India.
IPO Timing Tied to Summer Sales Performance
The success of HCCB’s listing hinges heavily on summer beverage demand, especially after last year’s slowdown caused by excessive rainfall.
An executive quoted by ET stated that:
“The listing will only be postponed to next year in case the peak summer demand is particularly impacted by rains, similar to last year.”
With HCCB valued at nearly $10 billion, a strong summer could accelerate the listing schedule.
Coca-Cola’s Strategic Shift in India
Coca-Cola holds a dominant position in India’s massive ₹60,000-crore soft drinks market, led by brands such as:
- Coca-Cola
- Thums Up
- Sprite
- Maaza
- Kinley
- Dasani
The company recently adopted a global asset-light model, prioritizing brand building and product innovation over direct ownership of bottling operations.
As part of this transition, Coca-Cola earlier sold a 40% stake in Hindustan Coca-Cola Holdings Pvt Ltd (HCCB’s parent) to the Jubilant Bhartia Group for ₹12,500 crore.
Leadership Changes Strengthen HCCB Operations
In July 2025, HCCB appointed Hemant Rupani as its new CEO, succeeding Juan Pablo Rodriguez.
A company spokesperson highlighted that HCCB’s renewed focus is on:
- Operational excellence
- Stronger leadership alignment
- Better value through GST-led pricing benefits
This emphasis aims to deliver more affordable choices for Indian consumers.
Financials Reflect Refranchising Transition
HCCB posted revenues of ₹12,751.29 crore for FY25 — a 9% YoY decline.
The drop was largely due to Coca-Cola’s ongoing refranchising strategy, where several manufacturing plants were sold to independent franchise bottlers.
For the nine-month period ending September 2025, Coca-Cola:
- Spent $7 million in transaction costs
- Recorded a net gain of $102 million from refranchising in India
Despite the temporary revenue dip, the restructuring is expected to streamline operations and boost profitability long-term.
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