New Delhi: Coca-Cola India’s bottling arm Hindustan Coca-Cola Holdings Limited (HCCH), has filed its Draft Red Herring Prospectus (DRHP) with SEBI for its proposed IPO.
The offer is entirely an Offer for Sale (OFS) of up to 997,461,456 equity shares of face value Rs 10 each by Hindustan Coca-Cola Overseas Holdings Pte Ltd, the promoter selling shareholder. The equity shares are proposed to be listed on BSE and NSE.
The listing plans follow Coca-Cola’s global strategy to follow an asset-light operating model and focus on strategy, brand building and digitisation.
Also read: IPO plans for Indian bottling arm’s on track: Coca-Cola
India is a core growth bastion for Coca-Cola and among the Atlanta-based beverage maker’s five largest markets globally. Coca-Cola India leads India’s Rs 60,000-crore packaged beverages market, with a portfolio of brands that include Coke, Thums Up and Sprite aerated drinks, Kinley water, Minute Maid juices, Maaza juice drink and Georgia coffee. It has an operating footprint of 14 manufacturing plants, along with eight co-pack units. The rest of Coca-Cola’s bottling is split between multiple independent bottlers. HCCH operates through its subsidiary, Hindustan Coca-Cola Beverages Private Limited (HCCB).
Rival PepsiCo’s bottling partners Varun Beverages Ltd (VBL) had listed a decade back.
Coca-Cola had announced plans to list HCCH in June this year, less than a year after it divested 40% stake in its bottling business to Jubilant Bhartia Group for close to Rs 12,500 crore. Jubilant Bhartia’s group company, Jubilant FoodWorks Ltd, operates quick service restaurant chain Domino’s Pizza in India. The consolidation is widely seen as a development aimed at unlocking significant synergies between the two entites. Jubilant FoodWorks’ rival firms Devyani International and Sapphire Foods are also merging to bring together KFC and Pizza Hut under Devyani International, which will jointly operate more than 3,000 stores, further heating up competition in the sector.ET had first reported the development in its January 15 edition.
For the three-month period ended June 30, 2026, HCCH's retained units recorded revenue from operations of Rs 4,310.17 crore, with year-on-year growth of 20.46%, while total sales volume increased by 18.61%. EBITDA margin (excluding other income and exceptional items) increased to 17.20% from 13.76% in the corresponding period of the previous year.
Kotak Mahindra Capital, Citigroup Global Markets, J.P. Morgan, Morgan Stanley India, Axis Capital, Goldman Sachs (India) Securities and IIFL Capital Services Limited are the book running lead managers to the IPO. KFin Technologies Limited is the registrar to the offer.
