Coca-Cola India Bottler Files IPO Papers: Rs 9,974 Crore Offer to Be Entirely an OFS

Hindustan Coca-Cola Holdings Limited (HCCH), the largest non-alcoholic ready-to-drink (NARTD) beverage company operating exclusively in India by revenue for Financial Year 2026, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO).

The proposed IPO will comprise an Offer for Sale (OFS) of up to 997,461,456 equity shares with a face value of Rs 10 each by promoter selling shareholder Hindustan Coca-Cola Overseas Holdings Pte. Ltd. Since the issue is entirely an OFS, the proceeds will go to the selling shareholder rather than the company. The shares are proposed to be listed on BSE and NSE.

The offer will follow the book-building process under Regulation 6(1) of the SEBI ICDR Regulations. Under the proposed allocation, not more than 50 percent of the Net Offer will be available to Qualified Institutional Buyers (QIBs), not less than 15 percent to Non-Institutional Bidders (NIBs), and not less than 35 percent to Retail Individual Bidders (RIBs).

HCCH reported revenue from operations of Rs 4,310.17 crore from its Retained Units for the three-month period ended June 30, 2026, marking a year-on-year increase of 20.46 percent. Total sales volume grew 18.61 percent during the period, while EBITDA margin, excluding other income and exceptional items, increased to 17.20 percent from 13.76 percent in the corresponding period of the previous year.

The company operates through its material subsidiary, Hindustan Coca-Cola Beverages Private Limited (HCCB), across exclusive territories covering 10 states and 4 Union Territories, primarily in southern and western India. These Key Select States have a combined population of approximately 616.9 million and include 5 of India's 8 largest metropolitan cities.

The NARTD beverage market across these states was valued at Rs 637.3 billion in Financial Year 2026 and is projected to reach Rs 1,183.2 billion by Financial Year 2031, registering a compound annual growth rate (CAGR) of 13.17 percent.

As of June 30, 2026, HCCH's distribution network covered approximately 1.7 million retail outlets through 2,273 distributors. Its manufacturing infrastructure comprised 14 company-owned, controlled and operated production facilities, supported by 8 co-pack units and 90 bottling lines.

The company's portfolio includes 41 beverages across sparkling drinks, hydration products and still beverages, including juices. Its brands include Thums Up, Maaza and Kinley. According to the DRHP, 8 Coca-Cola System brands featured among the top 12 brands in the Soft Drinks and Packaged Water category in the Key Select States by sales value for the 12 months ended June 30, 2026. Thums Up led the sparkling carbonated soft drinks segment, Maaza led the still beverages segment, and Kinley held the leading position in packaged drinking water by sales value in these markets.

The filing also outlines changes in the company's ownership and business structure. Jubilant Beverages became one of HCCH's promoters in July 2025. As of the DRHP date, The Coca-Cola Company, through Hindustan Coca-Cola Overseas Holdings Pte. Ltd., held 60 percent of HCCH's equity share capital, while Jubilant Beverages Limited held the remaining 40 percent.

The company has completed its refranchising process and undertaken changes to its leadership and organisational structure. Its current priorities include strengthening distribution, expanding its product portfolio and reviewing package-price architecture to address gaps across its markets.

HCCH's management includes Chief Executive Officer Hemant Kumar Rupani, who was appointed CEO of HCCB in September 2025, and Chief Financial Officer Harsh Kumar Bhutani, appointed in October 2024. Bhutani has over 29 years of experience, including 25 years with the Coca-Cola System. The company also reported that it was recognised as a Top Employer in India for 2026 by the Top Employers Institute.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, Morgan Stanley India Company Private Limited, Axis Capital Limited, Goldman Sachs (India) Securities Private Limited and IIFL Capital Services Limited have been appointed as the book-running lead managers. KFin Technologies Limited will act as the registrar to the offer.