Hindustan Coca-Cola Holdings Ltd. (HCCH), the holding company of Coca-Cola's Indian division, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for a proposed Initial Public Offering (IPO).
The proposed offering will be an exclusive sale offer from the promoter Hindustan Coca-Cola Overseas Holdings, and the proceeds will not go to HCCH. The company reported that its revenue in the fiscal year 2026 was 11,663 crore rupees.
The Offer for Sale (OFS) includes up to 99.75 crore equity shares from its promoter, Hindustan Coca-Cola Overseas Holdings Pte. Ltd., with a face value of 10 rupees each. All IPO proceeds will go to the selling shareholder.
Hindustan Coca-Cola Beverages is one of Coca-Cola's largest beverage manufacturing partners in India. Currently, Hindustan Coca-Cola Overseas Holdings Pte. Ltd. owns 60 percent of HCCH's equity capital, while Jubilant Beverages Limited holds the remaining 40 percent. Jubilant Beverages became one of HCCH's promoters in July 2025.
Previously, John Murphy, CFO of The Coca-Cola Company, informed investors during the quarterly conference call for July-September that the company 'is exploring a potential IPO of our Indian bottling operations and will provide further updates as necessary.'
Coca-Cola's decision to reduce its stake in the Indian beverage business is part of a broader global strategy aimed at divesting manufacturing operations and transitioning to a franchise-based and asset-light business model.
The company's brand portfolio includes Coca-Cola, Thums Up, Sprite, Fanta, Limca, Monster, Schweppes, Kinley, Maaza, and Minute Maid.
Kotak Investment Banking, Citi Global Markets India, J.P. Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs India, and IIFL Capital Services are serving as the lead managers for the IPO book.
HCCH's adjusted profit attributable to shareholders was 408.454 crore rupees in the quarter from April to June, compared to 1,054.4 crore rupees the previous year. The company added that its business and operations have changed as a result of a multi-year reframing process.
HCCH's operating revenue increased by 17 percent, reaching 4,310.17 crore rupees in the quarter ending June. In fiscal year 2026, operating revenue was 11,663.24 crore rupees, which is lower than the 12,869.54 crore rupees in fiscal year 2025, representing a decrease of 9 percent.
According to the DRHP, the company stated that in fiscal year 2026, it was the largest producer of Non-Alcoholic Ready-to-Drink (NARTD) beverages operating exclusively in India by revenue, according to The Knowledge Company (TKC) report. The company also noted that it was the largest producer for The Coca-Cola Company within the Coca-Cola System in India by volume of concentrate sold, accounting for approximately 38.53 percent of Coca-Cola concentrate sales in India in Fiscal Year 2026.
The company indicated that it holds the highest market share of 37.2 percent in the overall category of soft drinks and bottled water. In the carbonated soft drink category, the share is 60.1 percent. In the non-carbonated beverage category, which includes the brands Maaza and Minute Maid, the share reaches 42.6 percent. The company's share in the energy drink segment is 12.9 percent, and in the bottled water segment, it is 9.7 percent.
