Coca-Cola’s India bottling arm files draft papers for Rs 9,500 crore IPO

Hindustan Coca-Cola Holdings (HCCH), the parent company of Hindustan Coca-Cola Beverages (HCCB) and The Coca-Cola Company’s largest bottling partner in India, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), paving the way for its proposed initial public offering (IPO).

The proposed IPO is expected to raise approximately $1 billion (around Rs 9,500 crore), according to earlier reports, with the company reportedly targeting a valuation of $10 billion.

According to the draft papers, the public issue will comprise an entirely offer for sale (OFS) of equity shares, with no fresh issue component.


Hindustan Coca-Cola Overseas Holdings Pte. Ltd., the promoter selling shareholder, proposes to offload up to 997,461,456 equity shares with a face value of Rs 10 each.

The Coca-Cola Company holds a 60% stake in HCCH, while the Jubilant Bhartia Group owns the remaining 40%, following a stake sale completed in 2025.

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Since the issue is entirely an offer for sale, HCCH will not receive any proceeds from the IPO. The proceeds, after deduction of offer-related expenses, will go to the promoter selling shareholder.

"Our Company will not receive any proceeds from the Offer and all the proceeds of the Offer will be received by the Promoter Selling Shareholder after deduction of Offer related expenses, to be borne by the Promoter Selling Shareholder," the company said in its DRHP.

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 have been appointed as the book-running lead managers to the issue.

KFin Technologies will act as the registrar to the public issue.

About Hindustan Coca-Cola Holdings

HCCH describes itself as India's largest non-alcoholic ready-to-drink (NARTD) beverage company by revenue operating exclusively in the country in FY26, according to the TKC Report. It is also the largest bottler of The Coca-Cola Company within the Coca-Cola System in India.

The company operates in exclusive territories, primarily across southern and western India, where it prepares, packages, distributes and sells a diversified portfolio of beverages.

Its portfolio spans three categories: Sparkling, which includes carbonated soft drinks and energy beverages; Hydration, comprising still and sparkling water, flavoured and advanced hydration products; and Stills, including juices.

The beverages are sold under brands owned or licensed by The Coca-Cola Company and its affiliates, as well as brands owned by Monster Beverage Corporation.

According to the TKC Report, Coca-Cola System brands collectively commanded a 37.2% value market share, more than three times that of the nearest competitor. The brands also led the sparkling carbonated soft drinks, stills and hydration-packaged drinking water categories by value market share in key select states during the 12-month period ended June 30, 2026.

The company's portfolio includes established brands such as Thums Up, Coca-Cola, Sprite, Fanta and Maaza, which, according to the report, have demonstrated strong performance in spontaneous awareness, brand affinity and brand power compared with their respective nearest competitors.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here