Hindustan Coca-Cola Holdings Limited (HCCH), the parent company of Coca-Cola's Indian bottling arm Hindustan Coca-Cola Beverages (HCCB), has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO) on Friday, November 6.
Moneycontrol had reported last week that the company was set to file its DRHP this week.
The offer is entirely an offer for sale (OFS) of up to 997,461,456 equity shares with a face value of Rs 10 each by Hindustan Coca-Cola Overseas Holdings Pte Ltd. The shares are proposed to be listed on the BSE and NSE in 2027.
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“As previously announced, we are exploring a potential IPO of our bottling operations in India and will provide further updates as appropriate,” John Murphy, president and chief financial officer of The Coca-Cola Company, told analysts after announcing the company's September-quarter results last month.
India is the fifth-largest market for the Atlanta-headquartered beverage major and is expected to become its third-largest market globally in the coming years.
For the three-month period ended June 30, 2026, the bottler recorded a 20.46% increase in revenue from operations to Rs 4,310.17 crore, while total sales volume rose 18.61%. EBITDA margin, excluding other income and exceptional items, increased to 17.20% from 13.76% in the same period last year.
Read More: Coca-Cola doubles down on India with affordability, premiumisation push as bottling arm files IPO papers
HCCH operates through its subsidiary HCCB, primarily in southern and western India. In 2025, Jubilant Beverages acquired a 40% stake in the company. HCCH, which currently holds a majority stake of 60%, will reduce its holding to 45%.
According to the DRHP, “the key select states have a combined population of approximately 616.9 million, include five of India’s eight largest metropolitan cities and have GDP per capita approximately 1.5 times the all-India average.”
The non-alcoholic ready-to-drink (NARTD) beverage market in these states was valued at “Rs 637.3 billion in FY26 and is expected to reach Rs 1,183.2 billion by FY31, representing a CAGR of 13.17%,” the DRHP added.
The company has recently undergone a strategic reorientation, including deeper distribution, portfolio expansion and “optimising the package-price architecture to address portfolio gaps,” the DRHP stated.
Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited and IIFL Capital Services Limited are the book-running lead managers to the IPO.
