Hindustan Coca-Cola Holdings Limited

Draft Red Herring Prospectus dated November 6, 2026

Summary

The IPO is an offer for sale of 99,74,61,456 shares by existing shareholders; Hindustan Coca-Cola Holdings Limited receives none of the money. The document does not yet state the price.

The review found 8 points to read closely and 16 worth checking.

Read closely

Criminal proceedings against the company, its directors or individual promoters
Trading with related parties
Litigation exposure
Tax demands
Regulatory proceedings or actions against the company or its directors
Large share of the issue is an offer for sale
Weak liquidity
Licences and approvals pending, expired or not renewed

How the capital was built

The last priced issue of shares was on 30 Mar 2019: 1,03,27,04,999 shares to promoters and others at ₹10 each (2 allottees, including people linked to the promoters), 15.5% of the pre-issue capital, at 1.0 times the price of the previous issue about 8 years earlier; it came about 8 years before this prospectus.
From the first priced issue (21 Feb 1997, ₹10 in today's shares) to the last, the price per share rose 1 times over 22 years.

Conclusion

Of the 8 points to read closely, 5 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; trading with related parties; litigation exposure; tax demands; regulatory proceedings or actions against the company or its directors), 1 concerns how the IPO money will be spent, 1 concerns the financial statements and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: land or assets bought from related parties; loans to related parties; group entities in the same business. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; issue price is a large multiple of promoters' cost. The pages to read are 1, 37, 44, 66, 74, 269, 380, 397 and 401–402.