Newsbreak Confirmed: Hindustan Coca-Cola Holdings files draft papers with SEBI for IPO

Hindustan Coca-Cola Holdings, the parent company of Coca-Cola's India bottling operations, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The proposed IPO comprises an offer for sale (OFS) of up to 99.75 crore equity shares by promoter selling shareholder Hindustan Coca-Cola Overseas Holdings Pte. Ltd. The shares have a face value of ₹10 each. The company has not disclosed the offer size or price band in the draft prospectus.

Since the IPO is entirely an OFS, Hindustan Coca-Cola Holdings will not receive any proceeds from the issue. The proceeds, after deducting the applicable offer-related expenses, will go to the selling shareholder. The offer also includes a reservation for eligible employees, with the number of shares yet to be specified.

The equity shares are proposed to be listed on the BSE and the Stock Exchange (NSE). Kotak Mahindra Capital, Citigroup Global Markets India, JP Morgan India, Morgan Stanley India, Axis Capital, Goldman Sachs India and IIFL Capital Services are among the book-running lead managers to the issue.

Financial performance

According to the DRHP, Hindustan Coca-Cola Holdings reported revenue from operations of ₹11,548.58 crore in FY26, compared with ₹12,751.29 crore in FY25 and ₹14,021.55 crore in FY24.

Its restated profit for FY26 stood at ₹1,165.05 crore, against ₹759.90 crore in FY25. The company had reported a higher profit of ₹2,812.10 crore in FY24.

The prospectus said the fluctuations in profitability were partly attributable to exceptional gains from the sale of certain business territories through slump sales. Such gains stood at ₹839.44 crore in FY26, ₹119.88 crore in FY25 and ₹2,526.70 crore in FY24.

For the three months ended June 30, 2026, revenue from operations rose to ₹4,310.17 crore from ₹3,688.26 crore in the corresponding period last year. However, restated profit for the period declined to ₹408.62 crore from ₹1,054.86 crore, which included exceptional gains of ₹890.19 crore in the year-ago quarter.

Hindustan Coca-Cola Holdings is engaged in investment operations relating to Hindustan Coca-Cola Beverages Private Limited (HCCB), an authorised bottler for The Coca-Cola Company. Its business covers beverages across sparkling drinks, hydration and still beverages, including juices.

The DRHP also flags business concentration risks, noting that five territories accounted for 75.63% of revenue from operations in FY26. It also highlights the company's dependence on The Coca-Cola Company and its affiliates for the supply of concentrate used in its beverages.

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