The proposed IPO comprises an entirely offer for sale by promoter Hindustan Coca-Cola Overseas Holdings, with the shares expected to be listed on the BSE and NSE in 2027
Hindustan Coca-Cola Holdings (HCCH), the holding company of Coca-Cola’s Indian bottling business, has filed draft papers for an initial public offering (IPO) comprising an offer for sale of nearly 997.5 million shares by its promoter, Hindustan Coca-Cola Overseas Holdings Pte. The proposed listing on the BSE and NSE is expected in 2027.
The IPO will be entirely an offer for sale (OFS), with no fresh issue of shares. The proceeds will go to the selling shareholder and HCCH will not receive any funds from the offering. The equity shares carry a face value of Rs 10 each.
The proposed listing comes after HCCH completed a multi-year restructuring of its bottling operations, transferring businesses in several northern and eastern markets to other bottlers within The Coca-Cola Company (TCCC) network. Between FY24 and FY26, the company sold its operations in Rajasthan, Bihar, Jharkhand, the Northeast, parts of West Bengal and North Gujarat through slump sales.
Following these transactions, HCCH’s licensed territory is concentrated in southern and western India. It has exclusive rights to manufacture, package, distribute and sell TCCC beverages across 10 states and four union territories, although certain geographical restrictions apply in Diu, parts of Puducherry, Karaikal and Mahe.
“Our business and operations have undergone changes as a result of a multi-year re-franchising process. Between financial years 2024 and 2026, we sold our business undertakings in Rajasthan, Bihar, Jharkhand, Northeast India, parts of West Bengal and North Gujarat (collectively, the “Refranchised Units”) to other TCCC Bottlers by way of slump sales,” the company said in its draft red herring prospectus (DRHP) filed on Saturday.
The states in which HCCH operates have a combined population of approximately 616.9 million and include five of India’s eight largest metropolitan cities. Their per capita GDP is around 1.5 times the national average, according to the DRHP.
The non-alcoholic ready-to-drink (NARTD) beverage market across these states was valued at Rs 637.3 billion in FY26 and is projected to reach Rs 1,183.2 billion by FY31, growing at a compound annual growth rate (CAGR) of 13.17 per cent, the company said, citing its market assessment.
HCCH operates through its subsidiary Hindustan Coca-Cola Beverages (HCCB), one of Coca-Cola’s largest bottling partners in India. As of June 30, 2026, its distribution network comprised 2,273 distributors, more than half of whom had been associated with the company for over five years.
Its manufacturing infrastructure includes 14 company-owned production facilities with an installed capacity of 1,291.1 million unit cases annually and eight co-packing units. These facilities operate 90 bottling lines, including 77 owned lines and 13 at co-pack units, supported by 23 warehouses, the DRHP said.
India was among the five largest markets in the Coca-Cola System globally by unit case volume in calendar year 2025. John Murphy, president and chief financial officer of The Coca-Cola Company, had also indicated the beverage major’s plans to explore a listing of its Indian bottling operations.
“As previously announced, we are exploring a potential IPO of our bottling operations in India and will provide further updates as appropriate,” Murphy told analysts after the company’s September-quarter results last month.
Ownership Changes And IPO Structure
Hindustan Coca-Cola Overseas currently owns 60 per cent of HCCH, while Jubilant Beverages Limited holds the remaining 40 per cent. Jubilant Beverages acquired its stake in 2025 and joined HCCH’s promoter group in July that year.
Following the proposed transaction, the holding of Hindustan Coca-Cola Overseas Holdings is expected to decline to 45 per cent.
The stake sale is part of Coca-Cola’s broader global strategy of reducing its direct exposure to bottling operations and shifting towards an asset-light, franchise-led business model.
The IPO’s book-running lead managers are Kotak Mahindra Capital Company, Citigroup Global Markets India, J.P. Morgan India, Morgan Stanley India Company, Axis Capital, Goldman Sachs (India) Securities and IIFL Capital Services.
Revenue Rises, Quarterly Profit Declines
HCCH reported revenue from operations of Rs 4,310.17 crore for the quarter ended June 30, 2026, an increase of 20.46 per cent year-on-year. Sales volumes grew 18.61 per cent during the period.
Its Ebitda margin, excluding other income and exceptional items, improved to 17.20 per cent from 13.76 per cent in the corresponding quarter last year. However, profit attributable to shareholders declined to Rs 408.45 crore from Rs 1,054.4 crore.
For FY26, revenue from operations fell 9 per cent to Rs 11,663.24 crore from Rs 12,869.54 crore in FY25.
HCCH was the largest non-alcoholic ready-to-drink beverage company by revenue among players operating exclusively in India in FY26, according to a report by The Knowledge Company (TKC) cited in the DRHP.
The company had a 37.2 per cent share of the overall soft drinks and packaged drinking water market. Its share stood at 42.6 per cent in the still beverages category, which includes Maaza and Minute Maid, 12.9 per cent in energy drinks and 9.7 per cent in packaged drinking water, the report said.
HCCH’s brand portfolio includes Coca-Cola, Thums Up, Sprite, Fanta, Limca, Monster, Schweppes, Kinley, Maaza and Minute Maid.
