Hindustan Coca-Cola Holdings Limited (HCCH), the parent company of Coca-Cola’s Indian bottling business Hindustan Coca-Cola Beverages (HCCB), has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering.
The draft papers, filed on November 6, propose an offer for sale (OFS) of up to 99,74,61,456 equity shares, or approximately 99.75 crore shares, by promoter Hindustan Coca-Cola Overseas Holdings Pte Ltd. Each share has a face value of ₹10.
The IPO will not have a fresh issue component. Consequently, HCCH will not receive any proceeds from the offering, with the entire amount going to the selling shareholder. The shares are proposed to be listed on the BSE and the National Stock Exchange through the book-building process.
The DRHP does not specify the price band, issue size or opening date. These details will be announced in subsequent offer documents.
Ownership structure
The Coca-Cola Company, through Hindustan Coca-Cola Overseas Holdings, currently holds a 60% stake in HCCH, while Jubilant Beverages Limited, part of the Jubilant Bhartia Group, owns the remaining 40%.
Jubilant Beverages acquired its stake in 2025 for approximately ₹12,500 crore. Following the proposed offer, Coca-Cola’s holding is expected to decline to around 45%, while Jubilant Beverages’ stake is expected to remain unchanged.
The proposed listing is aligned with Coca-Cola’s global strategy of moving towards an asset-light business model while retaining focus on its brands and market development.
Operations and financial performance
HCCH operates through HCCB, with a portfolio that includes Coca-Cola, Thums Up, Sprite, Fanta, Limca, Maaza, Minute Maid, Kinley, Schweppes and Monster.
As of June 30, 2026, the company operated 14 production facilities and eight co-pack units, supported by approximately 90 bottling lines. Its distribution network reached nearly 17 lakh retail outlets across 10 states and four Union Territories.
For the quarter ended June 30, 2026, HCCH’s retained business units reported revenue from operations of ₹4,310.17 crore, registering a 20.46% year-on-year increase. Sales volume grew 18.61% during the period. The company also reported an improvement in EBITDA margin to 17.20%, from 13.76% in the corresponding quarter of the previous year.
The company is identified in the DRHP as India’s largest non-alcoholic ready-to-drink beverage company by revenue among businesses operating exclusively in the country during FY26, according to the industry report cited in the filing.
IPO management
Kotak Mahindra Capital Company, Citigroup Global Markets India, J.P. Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs (India) Securities and IIFL Capital Services have been appointed as book-running lead managers. KFin Technologies is the registrar to the issue.
The proposed IPO marks a significant step towards the public listing of one of India’s largest beverage bottling businesses. Its eventual valuation and investor response will depend on the offer pricing, market conditions and regulatory process.
