Hindustan Coca-Cola Holdings, the parent company behind Coca-Cola's bottling operations in India, has taken a major step toward going public by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The proposed initial public offering (IPO) will be an offer for sale (OFS) of up to 99.75 crore equity shares, with each share having a face value of ₹10. The company has not yet disclosed the offer size or price band in the draft prospectus.
The IPO will not generate any proceeds for Hindustan Coca-Cola Holdings, as it is entirely an OFS. Instead, the proceeds will go to the selling shareholder, Hindustan Coca-Cola Overseas Holdings Pte. Ltd., after deducting offer-related expenses. The offer also includes a reservation for eligible employees, though the number of shares reserved has not been specified. The equity shares are set to be listed on the BSE and the National Stock Exchange (NSE).
According to the DRHP, Hindustan Coca-Cola Holdings reported revenue from operations of ₹11,548.58 crore in FY26, down from ₹12,751.29 crore in FY25 and ₹14,021.55 crore in FY24. However, its restated profit for FY26 stood at ₹1,165.05 crore, up from ₹759.90 crore in FY25 but lower than the ₹2,812.10 crore reported in FY24. The fluctuations in profitability were partly due to exceptional gains from the sale of certain business territories through slump sales.
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. The company's business covers beverages across sparkling drinks, hydration, and still beverages, including juices.