The Hindustan Coca-Cola IPO may take its first formal step this week. Coca-Cola is likely to file draft papers with SEBI by 29 October, as per a Fortune India report that cites a source. The issue is pegged at about $1 billion, at a valuation near $10 billion.
What the report says
The company filing the papers is Hindustan Coca-Cola Holdings (HCCH). It is the parent of Hindustan Coca-Cola Beverages (HCCB), the bottler behind Coca-Cola products in India.
The draft papers are the DRHP, the document a company files with SEBI before an IPO. SEBI reviews it and gives its observations, which usually takes one to three months.
The report says the listing is expected in 2027. It says the issue is mainly a stake sale. Fortune India names Axis Capital and IIFL Capital Services among the bankers.
This is a report, not a filing. Nothing is confirmed until the DRHP appears on SEBI's website.
Key facts so far
| Item | What is reported |
|---|---|
| Issue size | About $1 billion |
| Valuation | About $10 billion |
| Structure | Mainly a stake sale |
| DRHP filing | By 29 October |
| Listing | Expected in 2027 |
| Coca-Cola's stake | 60% |
| Jubilant Bhartia Group's stake | 40% |
Who owns the bottler?
Coca-Cola holds 60% of HCCH. The Jubilant Bhartia Group bought the other 40% in 2025 for ₹12,500 crore.
Jubilant is the group behind Domino's Pizza in India through Jubilant FoodWorks. The deal let Coca-Cola move towards owning fewer bottling assets.
What does the business look like?
HCCB was set up in 1997. It runs 14 bottling plants in 10 states and works with eight co-packers, as per the Fortune India report. It has more than 2,000 distributors and serves over 1.7 million customers.
Revenue for FY25 was ₹12,751.29 crore, down 9% from the year before. That figure comes from Registrar of Companies filings, as seen by Fortune India. The fall followed the transfer of plants in some regions to independent bottlers.
What our data shows
Large foreign-parent listings are not new here. Hyundai Motor India raised $3.3 billion in 2024, and LG Electronics India about $1.3 billion in 2025. At $1 billion, this issue would be smaller than both. Our listing performance page shows how past mainboard IPOs have done.
What about the earlier December report?
A Kotak Neo report on 1 October said Coca-Cola was considering filing in December. It added that timing, valuation and structure could change. The 29 October date is newer, but both come from unnamed sources.
What happens next
If the DRHP is filed, it will show the fresh issue and sale split, the financials and the selling shareholders. We will update our coverage then. Track companies waiting to launch on our upcoming mainboard IPO page, and read more on our IPO news page. Read the Fortune India report for the original story.
