IPO plans: Oyo gets nod, Coke eyes listing of bottler's parent

MUMBAI/NEW DELHI: The West Asia war-induced challenging fund-raising market conditions notwithstanding, some of the leading unlisted companies are moving ahead with plans to go public.

On Tuesday, Prism, the parent of hospitality firm Oyo, got Sebi nod for its IPO that could be worth up to Rs 6,650 crore. Earlier in the day, global beverage giant Coca-Cola said it was exploring potential listing of Hindustan Coca-Cola Holdings (HCCH), the parent of its largest bottler in India, in 2027. The IPO, which is estimated to be worth about $1 billion (around Rs 9,500 crore at current exchange rate), could rank among the largest public offerings in the country's consumer beverages space in recent years.

Investors on Dalal Street are also awaiting IPOs of Jio Platforms and National Stock Exchange (NSE), each worth several billion dollars. The two companies are, however, yet to file their papers with the regulator. In addition to these companies, quick commerce major Zepto is also moving ahead with its listing plans. Mumbai-based Parle Products, the makers of Melody toffees, is also planning to go public. Melody was recently in the news globally after Prime Minister Narendra Modi gifted a packet of the toffee to his Italian counterpart. Global PE major Temasek-backed Manipal Hospitals is also planning its IPO, which could be worth about Rs 10,000 crore.

A handful of companies, however, have also declared to delay their listing plans, thanks to the war-led market uncertainties. Walmart's PhonePe and Flipkart, for instance, have paused their IPO processes.

On Tuesday, Coca-Cola said that in the run up to the IPO, it's also exploring the sale of a portion of its shareholding in HCCH. Currently, the US major owns 60% in the company while the balance is held by Delhi-based Jubilant Bhartia Group that bought the stake in 2025.

The development is part of Coca-Cola's broader global asset-light strategy, under which it has been divesting its bottling operations and transitioning to a franchise-led model. The US major "will stay invested in this important bottler and focus on growing (its) portfolio of global and local brands in India," said Sanket Ray, president, India & Southwest Asia and emerging large markets lead for The Coca-Cola Company.

The company's India bottling arm operates 14 bottling plants across 10 states and packages, distributes, and sells beverages, including Coca-Cola, Thums Up, Sprite, and Fanta.

On its part, Prism, which had filed IPO papers through the confidential route in end-Dec, plans to file updated draft papers by early July, sources said. Prism declined to comment. "The company is currently evaluating market conditions and broader listing timelines," sources said.

The company is seeking to raise up to Rs 6,650 crore through fresh issues of shares and is targeting a valuation of $7-$8 billion.


Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.