Coca-Cola’s Indian bottling arm Hindustan Coca-Cola Holdings files DRHP for IPO
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Hindustan Coca-Cola Holdings Ltd (HCCH), the Indian bottling arm of The Coca-Cola Company, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), setting the stage for its proposed initial public offering (IPO).
The proposed IPO will be entirely an offer for sale (OFS), with promoter shareholder Hindustan Coca-Cola Overseas Holdings Pte. Ltd. looking to sell up to 99.74 crore equity shares with a face value of ₹10 each. The issue will be conducted through the book-building process, with the company’s shares proposed to be listed on the BSE and the NSE.
The filing comes as HCCH prepares to tap the public markets in what could be one of the significant listings in India’s consumer goods sector. The proposed issue is expected to be worth around $1 billion, with the company targeting a valuation of approximately $10 billion.
The IPO is expected to be a major liquidity event for Coca-Cola, which currently owns 60% of HCCH through Hindustan Coca-Cola Overseas Holdings Pte. Ltd. The remaining 40% is held by Jubilant Beverages, which became a promoter of the company in July 2025. The Jubilant Bhartia Group had acquired the stake for ₹12,500 crore.
Since the issue is entirely an OFS, HCCH will not receive any proceeds from the IPO. The shares being sold will come from the existing promoter shareholder.
HCCH reports 20% revenue growth in June quarter
For the three months ended June 30, 2026, HCCH’s retained units reported revenue from operations of ₹4,310.17 crore, registering a year-on-year growth of 20.46%. Sales volumes increased 18.61% during the period. Its EBITDA margin, excluding other income and exceptional items, improved to 17.20% from 13.76% in the corresponding period last year.
HCCH operates through its material subsidiary, Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB), which manufactures, packages and distributes beverages across 10 states and four Union Territories, primarily in southern and western India.
As of June 30, 2026, the company’s distribution network covered approximately 1.7 million retail outlets through 2,273 distributors. It operated 14 production facilities, alongside eight co-pack units, with a total of 90 bottling lines. Its portfolio comprised 41 beverages across three categories: sparkling drinks, hydration and still beverages, including juices.
Thums Up is the largest brand by sales value in the sparkling carbonated soft drinks segment, while Maaza leads the still beverages segment and Kinley the packaged drinking water category across the company’s key select states.
Coca-Cola’s India business eyes growth
India is among the five largest markets for the Coca-Cola system globally by unit case volume. It was also the largest aggregate contributor to volume growth for the system between 2021 and 2025. The non-alcoholic ready-to-drink beverage market in HCCH’s key select states was valued at ₹63,730 crore in FY26 and is projected to reach ₹1.18 lakh crore by FY31, growing at a compound annual growth rate of 13.17%.
The company’s proposed listing follows Coca-Cola’s broader strategy of reducing its exposure to capital-intensive bottling operations while retaining its focus on brands, innovation and marketing.
Kotak Mahindra Capital Company, Citigroup Global Markets India, J.P. Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs India and IIFL Capital Services have been appointed as book-running lead managers to the issue. KFin Technologies will act as the registrar.