Coca-Cola has picked JP Morgan, Citi, Kotak, and Morgan Stanley to work on a planned 2027 initial public offering in India of Hindustan Coca-Cola Holdings (HCCH), according to sources.

The company said on June 1 it was exploring a potential 2027 listing of HCCH and the sale of part of its stake. Coca-Cola said the move was part of a multiyear refranchising of its India bottling business and that it would remain invested.

HCCH is the parent of Hindustan Coca-Cola Beverages, which Coca-Cola has described as its largest bottler in India. Jubilant Bhartia Group acquired a 40% stake in HCCH in July 2025.

The business operates 14 bottling plants across 10 Indian states and posted 127.35 billion rupees (US$1.32 billion) in revenue in 2023, with a net profit of US$36 million, according to Toefler.

The IPO valuation and the size of any stake sale remain unclear.

🔗 Source: Reuters