Coca-Cola India bottler files IPO papers with SEBI; nearly 100 crore shares on offer, revenue rises 20%
Backed by Coca-Cola and Jubilant Beverages, HCCH is gearing up for a stock market debut as it expands its footprint in India's growing beverage market. The company operates across 10 states and four Union Territories, reaching nearly 17 lakh retail outlets.
- Nov 7, 2026,
- Updated Nov 7, 2026 4:37 PM IST
Hindustan Coca-Cola Holdings Limited (HCCH), the parent of Coca-Cola’s Indian bottling business, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The issue will be entirely an offer for sale (OFS) by its promoter shareholder.
The company, backed by The Coca-Cola Company and Jubilant Beverages, filed its IPO documents on November 6. The proposed public issue will comprise up to 99,74,61,456 equity shares with a face value of Rs 10 each, offered by Hindustan Coca-Cola Overseas Holdings Pte Ltd.
The shares are proposed to be listed on the BSE and NSE. Since the IPO is entirely an OFS, the company will not receive any proceeds from the issue. The offer price and final issue size in rupee terms are yet to be announced.
Coca-Cola's ownership to decline
The Coca-Cola Company currently holds a 60% stake in HCCH through Hindustan Coca-Cola Overseas Holdings, while Jubilant Beverages owns the remaining 40%.
Jubilant Beverages acquired its stake in 2025, becoming a promoter of the company. Following the proposed IPO, Coca-Cola's ownership is expected to decline to around 45%, while Jubilant's stake will remain unchanged.
The proposed listing comes as Coca-Cola strengthens its presence in India, currently its fifth-largest market globally, with expectations that the country could become its third-largest market in the coming years.
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Revenue jumps 20% in June quarter
HCCH reported revenue from operations of Rs 4,310.17 crore for the three months ended June 30, 2026, representing year-on-year growth of 20.46%.
Total sales volume increased 18.61%, indicating strong demand across its beverage portfolio.
The company's EBITDA margin, excluding other income and exceptional items, improved to 17.20% from 13.76% in the corresponding quarter last year.
HCCH operates through its subsidiary Hindustan Coca-Cola Beverages (HCCB), primarily across southern and western India.
Its portfolio includes 41 beverages across sparkling drinks, hydration products and still beverages, including brands such as Thums Up, Maaza and Kinley.
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Expansion opportunities
According to the DRHP, the company's key markets have a combined population of approximately 616.9 million and include five of India's eight largest metropolitan cities.
The non-alcoholic ready-to-drink beverage market in these states, valued at Rs 63,730 crore in FY26, is projected to reach Rs 1,18,320 crore by FY31, reflecting a compound annual growth rate of 13.17%.
HCCH operates 14 production facilities, supported by eight co-packing units and 90 bottling lines. Its distribution network covers approximately 17 lakh retail outlets through 2,273 distributors.
The company is focusing on deeper distribution, portfolio expansion and optimising product pricing and packaging.
Kotak Mahindra Capital, Citigroup, JP Morgan, Morgan Stanley, Axis Capital, Goldman Sachs and IIFL Capital Services are the book-running lead managers for the proposed IPO.
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Hindustan Coca-Cola Holdings Limited (HCCH), the parent of Coca-Cola’s Indian bottling business, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The issue will be entirely an offer for sale (OFS) by its promoter shareholder.
The company, backed by The Coca-Cola Company and Jubilant Beverages, filed its IPO documents on November 6. The proposed public issue will comprise up to 99,74,61,456 equity shares with a face value of Rs 10 each, offered by Hindustan Coca-Cola Overseas Holdings Pte Ltd.
The shares are proposed to be listed on the BSE and NSE. Since the IPO is entirely an OFS, the company will not receive any proceeds from the issue. The offer price and final issue size in rupee terms are yet to be announced.
Coca-Cola's ownership to decline
The Coca-Cola Company currently holds a 60% stake in HCCH through Hindustan Coca-Cola Overseas Holdings, while Jubilant Beverages owns the remaining 40%.
Jubilant Beverages acquired its stake in 2025, becoming a promoter of the company. Following the proposed IPO, Coca-Cola's ownership is expected to decline to around 45%, while Jubilant's stake will remain unchanged.
The proposed listing comes as Coca-Cola strengthens its presence in India, currently its fifth-largest market globally, with expectations that the country could become its third-largest market in the coming years.
MUST READ: Razorpay IPO: SEBI approval secured for Rs 6,000 crore issue; listing likely in 2027
Revenue jumps 20% in June quarter
HCCH reported revenue from operations of Rs 4,310.17 crore for the three months ended June 30, 2026, representing year-on-year growth of 20.46%.
Total sales volume increased 18.61%, indicating strong demand across its beverage portfolio.
The company's EBITDA margin, excluding other income and exceptional items, improved to 17.20% from 13.76% in the corresponding quarter last year.
HCCH operates through its subsidiary Hindustan Coca-Cola Beverages (HCCB), primarily across southern and western India.
Its portfolio includes 41 beverages across sparkling drinks, hydration products and still beverages, including brands such as Thums Up, Maaza and Kinley.
ALSO READ: Coal India arm South Eastern Coalfields files DRHP with SEBI to launch IPO; check key details
Expansion opportunities
According to the DRHP, the company's key markets have a combined population of approximately 616.9 million and include five of India's eight largest metropolitan cities.
The non-alcoholic ready-to-drink beverage market in these states, valued at Rs 63,730 crore in FY26, is projected to reach Rs 1,18,320 crore by FY31, reflecting a compound annual growth rate of 13.17%.
HCCH operates 14 production facilities, supported by eight co-packing units and 90 bottling lines. Its distribution network covers approximately 17 lakh retail outlets through 2,273 distributors.
The company is focusing on deeper distribution, portfolio expansion and optimising product pricing and packaging.
Kotak Mahindra Capital, Citigroup, JP Morgan, Morgan Stanley, Axis Capital, Goldman Sachs and IIFL Capital Services are the book-running lead managers for the proposed IPO.
DO READ: Jio Platform's mega debut makes India top IPO market in October: Report