Coca-Cola's Indian Bottling Powerhouse Sets Its Sights On The Stock Market, Hindustan Coca-Cola Holdings Unveils Mega IPO Plans Through Nearly 100 Crore-Share Offer

Mumbai: Hindustan Coca-Cola Holdings Limited (HCCH), backed by The Coca-Cola Company and Jubilant Beverages, has filed its draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO). The proposed listing could bring one of India's largest beverage bottling businesses to Dalal Street.

IPO Structure

The public issue will comprise entirely an offer for sale (OFS) of up to 99.75 crore equity shares, with a face value of ₹10 each. Promoter Hindustan Coca-Cola Overseas Holdings will sell the shares. Since no fresh equity will be issued, HCCH will not receive proceeds from the offering. The shares are proposed for listing on BSE and NSE.

Revenue Growth

For the quarter ended June 30, 2026, revenue from operations of HCCH's retained units increased 20.46 per cent to ₹4,310.17 crore. Sales volumes grew 18.61 per cent year-on-year. EBITDA margin, excluding other income and exceptional items, improved to 17.20 per cent from 13.76 per cent.

Beverage Portfolio

HCCH operates through Hindustan Coca-Cola Beverages, manufacturing and distributing products across sparkling beverages, hydration and juices. Its portfolio includes 41 beverages, featuring popular brands such as Thums Up, Maaza and Kinley.

Manufacturing Network

The company operates across 10 states and four Union Territories. Its distribution network covers approximately 17 lakh retail outlets through 2,273 distributors. HCCH also operates 14 production facilities, supported by eight co-packing units and 90 bottling lines.

Ownership Structure

The Coca-Cola Company indirectly holds 60 per cent of HCCH, while Jubilant Beverages owns the remaining 40 per cent. Jubilant joined the promoter group in July 2025.

IPO Outlook

Seven investment banks, including Kotak Mahindra Capital, Citigroup and J.P. Morgan, are managing the offering. KFin Technologies is the registrar. The IPO price band and subscription dates remain unannounced.

Disclaimer: This report is based on company exchange filings and is intended for informational purposes only, not investment advice.

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