Coca-Cola's India bottler Hindustan Coca-Cola files for IPO

BENGALURU, Nov 7 (Reuters) - Hindustan Coca-Cola Holdings, India's largest Coca-Cola bottler, has filed for an initial public offering consisting entirely of a stake sale by its majority shareholder, with no fresh money going to the company, draft papers showed.

• The proposed IPO will see majority shareholder Hindustan Coca-Cola Overseas Holdings offer up to 997.5 million shares for sale, reducing its holding to about 45% from 60%.

• Jubilant Beverages, which owns the remaining 40%, is not selling shares. No price band was disclosed.

• The IPO ‌adds ⁠to a string of multinational companies turning to Indian equity markets to monetise their investments, rather than raise new capital.

• The company's revenue fell 9.4% to 115.49 billion Indian rupees ($1.23 billion) in the year to March 2026. The company attributed the decline to the transfer of territories to other Coca-Cola bottlers under its refranchising programme.

• The company bottles Coca-Cola brands including Thums Up, Sprite and Maaza across 10 Indian states and four federal territories, mainly in southern and western India.

• Reuters reported in July that Coca-Cola had appointed JPMorgan and Citi for a planned 2027 listing. The draft prospectus names six banks managing the offer.

($1 = 93.9000 Indian rupees)