Hindustan Coca-Cola Holdings Ltd (HCCH), the parent company of Coca-Cola’s India bottling arm, Hindustan Coca-Cola Beverages, has filed draft papers with SEBI to raise funds through an initial public offering (IPO). The proposed IPO will be entirely an offer for sale (OFS) of up to 99.75 crore equity shares of face value ₹10 each by promoter Hindustan Coca-Cola Overseas Holdings Pte Ltd, according to the draft red herring prospectus (DRHP). The equity shares are proposed to be listed on BSE and NSE.
India is among the top five markets for the Coca-Cola Company in terms of unit case volume. In June, the company had said it was exploring a potential listing of HCCH. This move is in line with the beverage major’s global asset-light strategy. This also comes after it divested 40 per cent stake in the company to Jubilant Bhartia Group, which became one of the promoters of HCCH in July 2025.
Currently, Coca-Cola through Hindustan Coca-Cola Overseas Holdings Pte. Ltd., holds 60 per cent of HCCH, while Jubilant Beverages Limited holds 40 per cent.
HCCH, which operates through its material subsidiary HCCB, is the largest bottler within the Coca-Cola System in India based on units of concentrate sold. For the three month period ended June 30, the company’s retained units recorded revenue from operations of ₹4,310.17 crore, registering a year-on-year growth of 20.46 per cent., while total sales volume grew by 18.61 per cent. Its portfolio includes various brands including Thums Up, Coca-Cola, Maaza, Kinley, Minute Maid and Sprite among others. As of June 30, the Company owned, controlled and operated a network of 14 production facilities, supplemented by 8 co-pack units.
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. KFin Technologies Limited is the registrar to the offer.
Published on November 7, 2026
