Hindustan Coca-Cola Holdings Ltd (HCCH), the Indian bottling company backed by The Coca-Cola Company and Jubilant Beverages, has filed its draft papers with the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO)
Hindustan Coca-Cola Holdings Ltd (HCCH), the Indian bottling company backed by The Coca-Cola Company and Jubilant Beverages, has filed its draft papers with the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO).
The proposed IPO will see the sale of up to 99.74 crore equity shares, each carrying a face value of Rs 10.
The issue is entirely an offer for sale (OFS) by the company’s promoter, Hindustan Coca-Cola Overseas Holdings Pte Ltd.
The company plans to list its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The IPO will be conducted through the book-building route, with allocation for institutional investors, non-institutional investors and retail investors as per Sebi regulations.
Coca-Cola holds 60%, Jubilant Beverages owns 40%
HCCH is backed by two major shareholders. The Coca-Cola Company, through its Singapore-based subsidiary Hindustan Coca-Cola Overseas Holdings, holds a 60 per cent stake in the company. Jubilant Beverages, which joined as a promoter in July 2025, owns the remaining 40 per cent.
The company operates through its material subsidiary, Hindustan Coca-Cola Beverages Pvt Ltd (HCCB), which handles the preparation, packaging, distribution and sale of beverages across 10 states and four Union Territories.
Its portfolio covers three broad segments- sparkling drinks, hydration products and still beverages, including juices. As of June 30, 2026, the company had 41 beverages in its portfolio.
More from BusinessSome of its leading brands include Thums Up, Maaza and Kinley. According to the company’s DRHP, these three brands held the leading positions by sales value in their respective categories across key states.
Eight Coca-Cola System brands also featured among the top 12 brands in the soft drinks and packaged water category in these markets.
Revenue rises 20% in June quarter
HCCH reported revenue from operations of Rs 4,310.17 crore for the three months ended June 30, 2026, marking a 20.46 per cent increase compared with the corresponding period last year.
Its total sales volume grew 18.61 per cent during the quarter. The company’s Ebitda margin, excluding other income and exceptional items, also improved to 17.20 per cent from 13.76 per cent a year earlier.
The company operates across territories with a combined population of around 61.69 crore. These markets include five of India’s eight largest metropolitan cities.
The non-alcoholic ready-to-drink beverage market in these territories was valued at Rs 63,730 crore in FY26. It is projected to expand to Rs 1.18 lakh crore by FY31, representing an annual growth rate of 13.17 per cent.
Distribution network spans 1.7 million outlets
HCCH’s distribution network is spread across approximately 17 lakh retail outlets, supported by 2,273 distributors as of June 30, 2026.
Its manufacturing infrastructure includes 14 production facilities owned, controlled and operated by the company, along with eight co-packaging units. Together, these facilities have 90 bottling lines.
The company has also undergone organisational and operational changes following the completion of its refranchising process. Its stated priorities include expanding distribution, introducing new products and improving its package and pricing strategy to reach more consumers.
The IPO’s book-running lead managers include Kotak Mahindra Capital, Citigroup Global Markets India, JP Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs India Securities and IIFL Capital Services. KFin Technologies has been appointed as the registrar to the issue.
