Coca-Cola's Indian bottling parent files IPO papers; Thums Up and Maaza maker's revenue up 20%
Hindustan Coca-Cola Holdings has filed draft papers with SEBI for a share sale of up to about 99.7 crore shares. Coca-Cola's stake would fall from 60% to roughly 45%.
- Offer: up to 99.75 crore shares, all OFS
- Coca-Cola stake: 60% → ~45%
- Reach: ~17 lakh outlets, 90 bottling lines
What happened
Hindustan Coca-Cola Holdings Ltd (HCCH), the parent of Coca-Cola's India bottling business, filed its draft red herring prospectus with SEBI on 6 November. The issue is entirely an offer for sale of up to 99,74,61,456 shares by Hindustan Coca-Cola Overseas Holdings, so the company itself gets no money from it. Price and rupee size are not out yet, and the shares are meant to list on BSE and NSE.
Seven banks are managing the deal, including Kotak Mahindra Capital, Citigroup, JP Morgan, Morgan Stanley, Axis Capital, Goldman Sachs and IIFL.
The business
HCCH runs through Hindustan Coca-Cola Beverages, which sells in 10 states and four Union Territories, mainly in the south and west. It reaches about 17 lakh retail outlets through 2,273 distributors, with 14 production plants, eight co-packing units and 90 bottling lines. Its 41 drinks include Thums Up, Maaza and Kinley.
For April–June 2026 it reported revenue of ₹4,310.17 crore, up 20.46%, with volumes up 18.61% and an EBITDA margin of 17.2% against 13.76% a year earlier.
Who owns what
The Coca-Cola Company holds 60% and Jubilant Beverages, which came in during 2025, holds 40%. After the sale Coca-Cola is expected to hold about 45% while Jubilant's stake stays the same. The DRHP values the ready-to-drink market in these states at ₹63,730 crore in FY26 and expects it to reach ₹1.18 lakh crore by FY31.
