Coca-Cola India Bottling Arm Files IPO Papers for 2027 Listing
Hindustan Coca-Cola Holdings, parent of Coca-Cola’s Indian bottler, filed draft IPO papers with India’s market regulator on November 6. The proposed offer is entirely a sale of existing shares, with up to 997,461,456 shares planned for listing on the BSE and NSE in 2027.
Hindustan Coca-Cola Holdings Limited filed draft IPO papers with India’s securities regulator on November 6, beginning the process for a proposed 2027 listing of the coca-cola india bottling arm’s parent.
The draft red herring prospectus was submitted to the Securities and Exchange Board of India. The offer is entirely a sale of existing shares, rather than an issuance of new shares.
Hindustan Coca-Cola Overseas Holdings Pte Ltd plans to sell up to 997,461,456 equity shares, each with a face value of Rs 10. The shares are proposed to be listed on the BSE and NSE in 2027.
Hindustan Coca-Cola Holdings, or HCCH, is the parent of Hindustan Coca-Cola Beverages, which operates Coca-Cola’s bottling business in India. HCCH operates through HCCB, primarily in southern and western India.
John Murphy, president and chief financial officer of The Coca-Cola Company, said last month that the company was considering a public listing of its Indian bottling operations. “As previously announced, we are exploring a potential IPO of our bottling operations in India and will provide further updates as appropriate,” Murphy told analysts after the company announced its September-quarter results.
The proposed sale would reduce HCCH’s stake in HCCB from 60% to 45%. Jubilant Beverages acquired a 40% stake in the company in 2025.
HCCB reported revenue from operations of Rs 4,310.17 crore for the three months ended June 30, 2026, up 20.46%. Total sales volume increased 18.61% over the same period.
Its EBITDA margin, excluding other income and exceptional items, reached 17.20%, compared with 13.76% in the same period a year earlier.
The draft prospectus describes the selected states served by the business as having a combined population of approximately 616.9 million. They include five of India’s eight largest metropolitan cities and have GDP per capita approximately 1.5 times the all-India average.
The non-alcoholic ready-to-drink beverage market in those states was valued at Rs 637.3 billion in FY26 and is expected to reach Rs 1,183.2 billion by FY31, the prospectus said. It projected a compound annual growth rate of 13.17%.
The company has also pursued deeper distribution, expanded its portfolio and “optimising the package-price architecture to address portfolio gaps,” according to the prospectus.
Kotak Mahindra Capital Company, Citigroup Global Markets India, J.P. Morgan India, Morgan Stanley India Company, Axis Capital, Goldman Sachs (India) Securities and IIFL Capital Services are the book-running lead managers for the IPO.
