Upcoming IPO: Coca-Cola India bottler HCCH files DRHP for public issue, majority shareholder to sell up to 15% stake
Hindustan Coca-Cola Holdings (HCCH), the parent company of Coca-Cola's Indian bottling business, has filed draft papers for an initial public offering (IPO) comprising an offer for sale (OFS) of up to 99.75 crore shares by its majority shareholder, Hindustan Coca-Cola Overseas Holdings.
The proposed IPO will be entirely an OFS, meaning the company will not receive any fresh capital from the issue. The majority shareholder plans to reduce its stake in HCCH from 60% to approximately 45% following the share sale.
Jubilant Beverages, which holds the remaining 40% stake in the company, will not participate in the proposed IPO. No price band or other details regarding the issue size have been disclosed in the draft papers.
Jubilant Beverages became one of HCCH's promoters in July 2025.
The IPO filing comes months after Coca-Cola announced in June that it was exploring a potential stock market listing of HCCH in 2027.
HCCH is the parent entity of Hindustan Coca-Cola Beverages (HCCB), which operates Coca-Cola's bottling business in India.
The proposed listing adds to the growing number of multinational companies looking to monetise their investments through India's equity markets rather than raising fresh capital.
The issue will be managed by a consortium of investment banks, including Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India, Morgan Stanley India Company, Axis Capital, Goldman Sachs (India) Securities and IIFL Capital Services. KFin Technologies has been appointed as the registrar to the issue.
According to the TKC Report cited in the draft red herring prospectus (DRHP), HCCH was the largest non-alcoholic ready-to-drink (NARTD) beverage company operating exclusively in India by revenue in FY26.
It was also the largest bottler within the Coca-Cola system in India based on the volume of concentrate sold.
The company manufactures, packages, distributes and sells beverages across three categories: sparkling drinks, hydration products and still beverages, including juices.
As of June 30, 2026, its product portfolio comprised 41 beverages, including popular brands such as Coca-Cola, Thums Up, Sprite and Maaza.
HCCH operates across 10 states and four Union Territories, primarily in southern and western India. Its distribution network covered approximately 1.7 million retail outlets through 2,273 distributors as of June 30, 2026.
HCCH reported revenue from operations of ₹4,310.17 crore for the three months ended June 30, 2026, registering year-on-year growth of 20.46%.
Its total sales volume increased 18.61% during the quarter, indicating continued growth in demand for its beverage portfolio.
India is currently Coca-Cola's fifth-largest market globally.
As part of its business restructuring strategy, Coca-Cola franchised its bottling operations in Rajasthan, Bihar, the Northeast and parts of West Bengal to existing bottlers in 2024.
The company realised $290 million, equivalent to approximately ₹2,420 crore, from the refranchising exercise. The operations were transferred to three bottlers: Kandhari Global Beverages, SLMG Beverages and Moon Beverages.
Coca-Cola operates in India through Coca-Cola India and HCCB. Incorporated in February 1997 and headquartered in Bengaluru, HCCB runs 14 bottling plants across the country.
Its product portfolio includes Coca-Cola, Thums Up, Sprite, Minute Maid, Maaza, SmartWater, Kinley, Limca and Fanta, among other brands.
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