Hindustan Coca-Cola Holdings files draft papers with SEBI for IPO, all shares on offer for sale

Hindustan Coca-Cola Holdings Limited (HCCH), the holding company that manages Coca-Cola's bottling business in India, is preparing to enter the stock market. The company has filed preliminary papers with the capital market regulator SEBI for a proposed IPO.

The company has filed a Draft Red Herring Prospectus (DRHP) dated November 6, 2026. Under it, promoter Hindustan Coca-Cola Overseas Holdings Pte Ltd will sell up to 99,74,61,456 equity shares, or about 99.75 crore shares. The face value of each share is Rs 10.

The entire IPO will be an offer for sale (OFS), so the company will receive no fresh capital from it. The proceeds will go to the promoter selling the shares. The shares are planned to be listed on both BSE and NSE. The IPO date, price band and total issue size have not yet been announced.

Hindustan Coca-Cola Holdings currently has two major shareholders. Hindustan Coca-Cola Overseas Holdings Pte Ltd holds 60 per cent and Jubilant Beverages Limited holds the remaining 40 per cent. Jubilant Beverages joined HCCH's promoter group in July 2025. It is reported that it will not take part in this sale. If the entire offer is sold, the promoter's holding could fall from 60 per cent to about 45 per cent.

The move is being linked to Coca-Cola's global business strategy. By reducing direct participation in the capital-heavy bottling business, the company is stressing a franchise-based, asset-light model. The IPO of the Indian bottling business is being seen as part of that policy.

Hindustan Coca-Cola Beverages is Coca-Cola's main bottling partner in India. Its products include brands such as Coca-Cola, Thums Up, Sprite, Fanta, Limca, Monster, Schweppes, Kinley, Maaza and Minute Maid. The company's business is spread mainly across 10 states and 4 Union territories in southern and western India.

Its financial performance is mixed. In the April-June 2026 quarter, profit attributable to shareholders was Rs 408.45 crore, against Rs 1,054.40 crore in the same period last year, a sharp fall. Revenue from operations in the same quarter rose 17 per cent to Rs 4,310.17 crore.

For the financial year 2025-26, the company's revenue was Rs 11,663.24 crore, against Rs 12,869.54 crore in 2024-25, a fall of about 9 per cent in annual revenue.

Kotak Investment Banking, Citigroup Global Markets India, JP Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs India and IIFL Capital Services have been appointed book running lead managers for the proposed IPO. The process is at an early stage. The IPO dates and price band will become clear after SEBI's further action and the final papers.