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.