A proposed Indian IPO by Hindustan Coca-Cola Holdings would send proceeds to a selling shareholder while leaving the bottling group itself without IPO funds, according to a draft prospectus dated Nov. 6.
The proposal covers up to 997,461,456 existing shares held by Hindustan Coca-Cola Overseas Holdings Pte. Ltd. Each share has a face value of 10 rupees. The filing treats the entire offer as a sale of current holdings, with no new shares issued by Hindustan Coca-Cola Holdings (HCCH). After offer-related expenses, the remaining proceeds would go to the selling shareholder, the prospectus says.
Investors would subscribe through a book-building process, and the filing names the Bombay Stock Exchange and the National Stock Exchange of India as intended listing venues. It does not specify an offer price range, aggregate value or date when subscriptions would open.
The draft follows a June announcement from The Coca-Cola Company that it was considering an Indian listing in 2027, subject to market conditions and regulatory and other approvals. Coca-Cola connected the possible transaction with the final part of HCCH’s refranchising. The company also said Jubilant Bhartia Group acquired a 40% stake in HCCH in July 2025. Sanket Ray, president, India and Southwest Asia and Emerging Large Markets Lead for The Coca-Cola Company, said in June that Coca-Cola would “stay invested” in the bottler.
HCCH is the parent of Hindustan Coca-Cola Beverages Pvt. Ltd. (HCCB). Coca-Cola described HCCB’s reach as spanning 10 Indian states, with 14 bottling facilities and eight co-packing partners.
The prospectus reported that the margin measure for HCCH’s “Retained Units,” excluding other income and exceptional items, stood at 17.20% for the three months ended June 30, 2026, compared with 13.76% a year earlier. Sales volume was up 18.61%. Revenue from operations for the units reached ₹4,310.17 crore, a 20.46% year-over-year increase.
