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Hindustan Coca-Cola Holdings Ltd (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. The DRHP is dated November 6.
The IPO is entirely an offer for sale (OFS) of up to 99,74,61,456 equity shares of INR 10 face value by promoter Hindustan Coca-Cola Overseas Holdings Pte Ltd. HCCH will not receive any proceeds, which go to the selling shareholder after offer expenses.
The offer size and price band have not been disclosed. The shares are proposed to be listed on the BSE and NSE, and the issue will go through the book building process.
The Coca-Cola Company holds 60% of HCCH through its Singapore-based subsidiary, and Jubilant Beverages holds the remaining 40%. HCCH operates through its material subsidiary, Hindustan Coca-Cola Beverages Pvt Ltd (HCCB), which prepares, packages, distributes and sells beverages in 10 states and 4 Union Territories, mainly in southern and western India.
According to the TKC report cited in the filing, HCCH is the largest non-alcoholic ready-to-drink beverage company by revenue operating exclusively in India for FY26. It operates 14 manufacturing facilities.
Kotak Mahindra Capital, Citigroup Global Markets India, J.P. Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs (India) Securities and IIFL Capital Services are the book running lead managers. KFin Technologies is the registrar.
Bloomberg reported in October 2025 that Coca-Cola was considering an IPO of the unit that could raise about USD 1 billion at a valuation of around USD 10 billion.
