Hindustan Coca-Cola Holdings has proposed an offer for sale of nearly 99.75 crore shares as Coca-Cola continues to restructure its Indian bottling operations.
Hindustan Coca-Cola Holdings Limited (HCCH), the parent company of Coca-Cola's bottling operations in India, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO), marking a step towards listing the beverage company's Indian bottling business on domestic stock exchanges.
According to the draft filing, the proposed IPO will comprise an offer for sale (OFS) of up to 997,461,456 equity shares, or approximately 99.75 crore shares, with a face value of ₹10 each. The shares will be offered by promoter shareholder Hindustan Coca-Cola Overseas Holdings Pte Ltd and are proposed to be listed on the BSE and NSE.
As the issue consists entirely of an offer for sale, HCCH will not receive any fresh capital from the public offering. Instead, the proceeds will go to the selling shareholder. The IPO's price band, subscription dates and final issue size in monetary terms have not yet been announced.
The proposed listing follows Coca-Cola's broader strategy of adopting an asset-light operating model, under which the company has been transferring parts of its bottling operations to independent franchise partners while increasing its focus on brand development, marketing, digital capabilities and business strategy.
In 2025, Coca-Cola divested a 40 per cent stake in its Indian bottling business to the Jubilant Bhartia Group in a transaction valued at approximately ₹12,500 crore. Following the proposed IPO, Coca-Cola's indirect holding is expected to decline from 60 per cent to 45 per cent, while Jubilant Beverages will retain its 40 per cent stake.
HCCH operates through its subsidiary Hindustan Coca-Cola Beverages Private Limited (HCCB), which manufactures and distributes beverages across several Indian markets. Its portfolio includes Coca-Cola, Thums Up, Sprite, Maaza, Minute Maid and Kinley.
The company's operations include 14 manufacturing plants and eight co-packing facilities. Other parts of Coca-Cola's bottling network in India are managed by independent bottling partners.
According to financial information disclosed in the filing, HCCH's retained operations recorded revenue of ₹4,310.17 crore during the quarter ended June 30, 2026, representing year-on-year growth of 20.46 per cent. Sales volumes increased by 18.61 per cent during the same period.
The company's EBITDA margin, excluding other income and exceptional items, improved to 17.20 per cent from 13.76 per cent in the corresponding quarter of the previous year.
Kotak Mahindra Capital, Citigroup Global Markets India, J.P. Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs (India) Securities and IIFL Capital Services have been appointed as book-running lead managers for the proposed IPO. KFin Technologies will serve as registrar to the offer.
The proposed public issue remains subject to regulatory approvals and market conditions.
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