Hindustan Coca-Cola Holdings Files DRHP with SEBI for Massive 99.75 Crore Share OFS IPO
Hindustan Coca-Cola Holdings Limited (HCCH), the holding company of The Coca-Cola Company's primary bottling operations in India, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an upcoming initial public offering (IPO).
The issue is structured entirely as an Offer for Sale (OFS) of up to 99,74,61,456 equity shares of face value ₹10 each by promoter selling shareholder Hindustan Coca-Cola Overseas Holdings Pte. Ltd., a Singapore-based entity of The Coca-Cola Company. Because the IPO is an OFS, all proceeds will go directly to the selling shareholder, and the company itself will receive no fresh funds.
Ownership and Issue Structure
As of the DRHP filing date, The Coca-Cola Company holds a 60% equity stake in HCCH through Hindustan Coca-Cola Overseas Holdings Pte. Ltd., while Jubilant Beverages Limited holds the remaining 40%. Jubilant Beverages became a co-promoter in July 2025 after the Jubilant Bhartia Group acquired the stake for ₹12,500 crore.
The public offering will follow the book-building mechanism in compliance with SEBI ICDR Regulations:
- Not more than 50% of the net issue is allocated to Qualified Institutional Buyers (QIBs).
- Not less than 15% is reserved for Non-Institutional Bidders (NIBs/HNIs).
- Not less than 35% is reserved for Retail Individual Bidders (RIBs).
The shares are proposed to be listed on both the BSE and the National Stock Exchange of India (NSE). The lead book-running managers include Kotak Mahindra Capital, Citigroup Global Markets India, J.P. Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs (India) Securities, and IIFL Capital Services, with KFin Technologies serving as the registrar.
Operational Footprint and Scale
HCCH operates in the non-alcoholic ready-to-drink (NARTD) beverage market via its material subsidiary, Hindustan Coca-Cola Beverages Private Limited (HCCB). By revenue, HCCH is the largest NARTD beverage company operating exclusively in India for FY26 and the largest bottler in India within the Coca-Cola system based on concentrate sales.
The company's operations span exclusive territories across 10 states and 4 Union Territories, concentrated primarily in southern and western India:
- As of June 30, 2026, the distribution reach covered approximately 1.7 million retail outlets served by 2,273 distributors.
- Infrastructure includes 14 manufacturing facilities, eight co-pack units, and 90 bottling lines.
- The product portfolio includes 41 beverages spanning sparkling soft drinks (Coca-Cola, Thums Up, Sprite, Fanta), hydration (Kinley), stills and juices (Maaza, Minute Maid), and energy beverages (Monster).
According to industry data cited in the DRHP, the NARTD beverage market across HCCH's primary territories stood at ₹63,730 crore in FY26 and is projected to expand to ₹1,18,320 crore by FY31, clocking a compound annual growth rate (CAGR) of 13.17%.
Financial Track Record
In FY26, HCCH reported total income of ₹11,663.24 crore compared to ₹12,869.55 crore in FY25, following a strategic refranchising exercise across several non-core operating territories. Despite the top-line contraction from refranchising, profit after tax (PAT) jumped 53% to ₹1,165.05 crore from ₹759.90 crore in the preceding fiscal year.
For the first quarter ended June 30, 2026, the company posted total income of ₹4,344.02 crore and net profit of ₹408.62 crore. On a retained-units basis, revenue from operations reached ₹4,310.17 crore, climbing 20.46% year-on-year alongside an 18.61% volume increase. Operating EBITDA margins (excluding other income and exceptional items) expanded to 17.20% from 13.76% in the same quarter of the prior year.
The proposed issue marks a key milestone for the Indian fast-moving consumer goods (FMCG) ecosystem, positioning one of the country's most established beverage networks on domestic public bourses.
