Coca-Cola India IPO: HCCH Files DRHP for 99.75 Crore Shares, Promoter to Sell Up to 15% Stake

Hindustan Coca-Cola Holdings (HCCH), the parent company of Coca-Cola's Indian bottling business, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday, November 6, 2026, for an initial public offering (IPO) comprising up to 99.75 crore equity shares. The Coca-Cola India IPO will be entirely an offer for sale (OFS) by promoter Hindustan Coca-Cola Overseas Holdings, which plans to reduce its stake from 60% to around 45%.

The proposed issue comprises up to 997,461,456 equity shares with a face value of ₹10 each. HCCH will not receive any proceeds from the IPO, as the entire amount raised will go to the selling shareholder. The shares are proposed to be listed on the BSE and NSE, with the company targeting a stock market debut in 2027. The IPO opening date, closing date, price band, allotment date and listing date have not yet been announced.

The filing comes five months after Coca-Cola announced plans to explore a public listing of its Indian bottling operations. Jubilant Beverages, which acquired a 40% stake in HCCH in 2025, will not sell any shares in the proposed issue.

Coca-Cola India IPO DRHP Details

According to the draft papers, Hindustan Coca-Cola Overseas Holdings plans to sell up to 997,461,456 equity shares with a face value of ₹10 each. The proposed sale represents about 15% of HCCH's equity capital. Jubilant Beverages, which owns the remaining 40% stake, will not sell any shares in the IPO.

The proposed listing follows Coca-Cola's decision to bring in Jubilant Bhartia Group as a partner in its Indian bottling business. The group acquired a 40% stake in the business in a deal valued at around ₹12,500 crore. The transaction formed part of Coca-Cola's wider plan to reduce its direct ownership of bottling operations and focus more on its brands and beverage business.

India is Coca-Cola's fifth-largest market globally, making the proposed listing an important development for its operations in the country. HCCH operates through HCCB, which manufactures, packages and distributes beverages across southern and western India.

The company has a presence across 10 states and four Union Territories. As of June 30, 2026, its distribution network covered approximately 17 lakh retail outlets through 2,273 distributors. Its portfolio included 41 beverages across sparkling drinks, hydration products and other beverages, including juices.

The company has also been expanding its distribution network and product range as demand for packaged beverages grows in India.

HCCH Revenue Rises 20% in June Quarter

HCCH reported revenue from operations of ₹4,310.17 crore for the quarter ended June 30, 2026, up 20.46% from the corresponding period last year. Sales volume increased 18.61% during the quarter, while its EBITDA margin, excluding other income and exceptional items, improved to 17.20% from 13.76% a year earlier.

For FY26, the company reported revenue from operations of ₹11,663.24 crore, compared with ₹12,869.54 crore in FY25, a decline of around 9%. The company has undergone changes in its business structure following the transfer of certain bottling operations to independent partners.

According to the DRHP, HCCH was India's largest non-alcoholic ready-to-drink beverage company operating exclusively in the country by revenue in FY26. It was also Coca-Cola's largest bottler in India based on the volume of concentrate sold.

The company reported a 37.2% market share in the overall soft drinks and packaged drinking water category, while its share in carbonated soft drinks stood at 60.1%.

Coca-Cola has been gradually transferring parts of its bottling business to franchise partners as part of its global asset-light strategy. The company had earlier transferred bottling operations in Rajasthan, Bihar, the Northeast and parts of West Bengal to existing bottlers.

The proposed IPO is another step in that restructuring, allowing the majority shareholder to sell part of its investment while HCCH continues to operate its Indian bottling business.

Kotak Mahindra Capital, Citigroup Global Markets India, JP Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs India and IIFL Capital Services are the book-running lead managers for the issue. KFin Technologies has been appointed registrar.

The Coca-Cola India IPO price band, subscription dates, allotment schedule and listing date are yet to be announced. The proposed issue will move ahead subject to regulatory approvals and market conditions.

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