Coca-Cola's India Bottler Files Draft IPO Papers
Hindustan Coca-Cola Holdings, the parent of Coca-Cola's largest bottling business in India, has filed draft papers with the Securities and Exchange Board of India for an initial public offering. The proposed sale will consist entirely of existing shares, so the company will receive no proceeds.
Majority shareholder Hindustan Coca-Cola Overseas Holdings plans to offer up to 997.5 million shares, reducing its stake from 60% to about 45%. Jubilant Beverages, which owns the remaining 40%, will not sell shares. The filing did not disclose a price range.
The move advances Coca-Cola's plans for a potential 2027 listing, first announced in June. Hindustan Coca-Cola's revenue fell 9.4% to 115.49 billion rupees ($1.23 billion) in the year ended March 2026, which the company attributed to transferring territories to other bottlers as part of its refranchising program.
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