Hindustan Coca-Cola Holdings Limited (HCCH), the parent company of Coca-Cola's Indian bottling arm, Hindustan Coca-Cola Beverages (HCCB), is all set to go public, as it has filed its draft red herring prospectus (DRHP) with the capital market regulator, the Securities and Exchange Board of India (SEBI).
The initial public offering (IPO) is entirely an offer for sale (OFS) which comprises up to 997.5 million equity shares by its promoter, Hindustan Coca-Cola Overseas Holdings Pte. Ltd, with each having a face value of Rs 10. The proceeds from the IPO will go to the selling shareholder.
Hindustan Coca-Cola Beverages is one of Coca-Cola's largest bottling partners in India. Currently, Hindustan Coca-Cola Overseas Holdings Pte. Ltd. holds 60% of HCCH's equity share capital, while Jubilant Beverages Limited holds the remaining 40%. Jubilant became one of the promoters of HCCH in July 2025.
Following the proposed IPO, Coca-Cola's ownership is expected to decline to around 45%, while Jubilant's stake will remain unchanged. Coca-Cola, the global beverage giant, has made the decision to launch an IPO for its subsidiary comes as it aims to strengthen its presence in India. At present, India is its fifth-largest market globally, and the company expects the country to become its third-largest market in the coming years.
During the April-June quarter 2026, HCCH recorded a 20.46% increase in revenue from operations to Rs 4,310 crore, while total sales volume rose 18.61%. EBITDA margin, excluding other income and exceptional items, increased to 17.20% in the reported quarter from 13.76% in the same period last year.
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.” HCCH operates through its subsidiary HCCB, primarily across southern and western India.
“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.
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.
